Banks and BSA/AML penalties

Answered by:

Question:

Have there been any significant BSA/AML penalties imposed on banks?

Answer:

There were three significant penalties involving BSA/AML program failures – one against a Washington State-based virtual currency exchange, one against a Michigan-based federal saving bank, and one against a Pakistani bank and its New York branch. Studying the enforcement orders that levied those penalties continues to help bankers learn from the errors and omissions of others.

Learn more about John Burnett’s Annual OPERATIONS Compliance Recap webinar.