US to review AML programmes at banks
Washington DC -- The Office of the Comptroller of the Currency (OCC) is to review national banks' administration of the Bank Secrecy Act (BSA)/anti-money laundering (AML) programmes, Daniel Stipano, deputy chief counsel at the OCC, said in early June.
Stipano told a Financial Services Committee hearing in the House of Representatives on Risk management and regulatory failures at Riggs Bank and UBS: lessons learned, that the supervisory actions taken against Riggs Bank failed to achieve satisfactory compliance with the BSA.
"More probing inquiry should have been made into the bank's high-risk accounts, and stronger, more forceful enforcement action should have been taken sooner. While we do not believe that Riggs is representative of the OCC's
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