Published 2 months ago

Community Banks and BSA/AML Compliance: The OCC’s Consent Order with Clear Fork Bank Proves Regulators Aren’t Only Focused on Large Financial Institutions

Summary by LexBlog

On October 10, 2024, the financial services community was stunned by the $3.1 billion settlement between the federal government and TD Bank over Bank Secrecy Act (BSA) and anti-money laundering (AML) violations. TD Bank’s criminal guilty plea to conspiracy to launder hundreds of millions of dollars in drug cartel cash overshadowed a contemporaneous enforcement action involving Clear Fork Bank, a community bank based in Albany, Texas. The October…

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Community Banks and BSA/AML Compliance: The OCC’s Consent Order with Clear Fork Bank Proves Regulators Aren’t Only Focused on Large Financial Institutions

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