OCC Issues BSA Consent Order
On February 21, 2019, the Office of the Comptroller of the Currency (OCC) issued a consent order against MUFG Bank for violations of the Bank Secrecy Act (BSA). The large bank, headquartered in Japan but with offices in New York, Chicago, and Los Angeles, was found to have several BSA deficiencies. Among the deficiencies laid out in the 25 page consent order are an inadequate BSA program and Anti Money Laundering (AML) program, failure to file Suspicious Activity Reports (SARs), and insufficient BSA/AML due diligence programs for correspondent accounts of foreign financial institutions. While there is no monetary penalty associated with the consent order, there are several remedial actions that must take place to address the BSA violations.
CLA’s consultants and internal auditors provide guidance designed to help financial institutions comply with BSA and AML compliance. Please contact us for assistance.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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