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OCC sets $10M penalty for BSA violations
WASHINGTON (1/28/13)--For Bank Secrecy Act (BSA) violations the Office of the Comptroller of the Currency said ranged from late filing of suspicious activity reports (SARs) to instances where SARs failed to adequately explain or identify potential terrorist financing, the agency assessed a $10 million civil money penalty against TCF National Bank, Sioux Falls, S.D.

The OCC announced Friday that its examination of the bank's account and transaction activity covered the time period  between November 2008 and July 2010.

The suspicious activities involved, the OCC said,  primarily consisted of cash transactions" which indicated structuring and wire transfers where the source and purpose of the funds were unknown."

The agency said the penalty follows a cease-and-desist order issued in July 2010 when the bank was directed to correct deficiencies in its BSA and anti-money laundering programs.

The Bank Secrecy Act of 1970 requires financial institutions, including credit unions, to assist the government and law enforcement officials in detecting and preventing money laundering and terrorist financing.


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