Compliance

11:03 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

U.S. Bank Regulators Mull Rules For Money-Laundering Cases Against Execs

Bank regulators are considering improving their ability to bar bank employees and executives that violate anti-money laundering laws, a top regulator will tell lawmakers later on Thursday, according to prepared remarks.

Bank regulators are considering improving their ability to bar bank employees and executives that violate anti-money laundering laws, a top regulator will tell lawmakers later on Thursday, according to prepared remarks.

"We are exploring the possibility of regulatory changes that would enhance our ability to take removal and prohibition actions against bank officers, directors and employees that engage in violations of the [Bank Secrecy Act]," Comptroller of the Currency Thomas Curry said.

Curry along with top officials from the Federal Reserve and the Treasury Department are slated to appear before the Senate Banking Committee to discuss money laundering issues.

Regulators and law enforcement authorities have entered into several major recent settlements with top banks to resolve money laundering allegations, but have faced some criticism because those actions have not resulted in charges against any bank executives.

(Reporting By Aruna Viswanatha; Editing by Maureen Bavdek)

Copyright 2013 by Reuters. All rights reserved.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Dec. 2, 2014
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.