Tag: civil_money_penalty
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OCC Fines American Express National Bank $350 Million Over Anti-Money Laundering Failures
The OCC issued a cease-and-desist order and a $350 million penalty against American Express National Bank, citing BSA/AML program deficiencies and roughly $13 billion in unreported suspected activity.
BusinessLaw EnforcementPolitics and GovernmentUSABankingLegalFederal GovernmentFinancial Markets Office of the Comptroller of the CurrencyAmerican Express National BankBank Secrecy Actanti-money launderingcivil money penaltyJonathan Gouldtrade-based money launderingOffice of the Comptroller of the Currency (OCC)
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FinCEN Imposes Record $125 Million Penalty on UBS for BSA Violations
FinCEN has levied a record $125 million penalty against UBS Financial Services Inc. for willful Bank Secrecy Act violations. This is the largest fine ever imposed on a broker-dealer for such infractions, highlighting serious regulatory breaches.
BusinessLaw EnforcementPolitics and GovernmentFederal GovernmentBankingFinancial MarketsLegal Financial Crimes Enforcement NetworkUBS Financial Services Inc.Bank Secrecy ActCivil Money PenaltyMoney LaunderingBroker-dealerFinancial Regulation