Everyone knows that complying with Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations is a must. However, for this California bank, their deficiencies cost them a $50 million penalty by the Office of the Comptroller of the Currency (OCC). Let’s see where they went wrong.
Rabobank, N.A., of Roseville, California was subject to a cease and desist order on December 5, 2013 for deficiencies in their BSA and AML compliance program. The consent order and recent penalty assigned on February 7, 2018 were Continue reading →