OCC pushes tougher AML controls
WASHINGTON, DC - The Office of the Comptroller of the Currency (OCC) will hold higher risk banks to a tougher standard of anti-money laundering (AML) controls, according to the agency's acting chief counsel, Daniel Stipano.
In its risk-based prevention of money laundering, the agency designates as 'high-risk', certain products and services, types of entities and geographic locations likely to attract special notice from an OCC examiner. Such high-risk services include international brokered deposits, international correspondent banking relationships, special use accounts and private banking.
"It should come as no surprise to financial institutions that have extensive dealings with companies that operate in
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