Guys… I’m new to this forum (only made two posts prior to this one) but could someone share with me exactly what they fear from the OCC and what all this worry is about. I was an examiner for that agency prior to moving on to better things and I never- not once- saw them light a fire under anyone. I was there during Riggs, Broadway and a few others but those were isolated type incidents. Sure we would criticize stuff and maybe do an MOU or something but it was never anything major. In fact, my old group seemed more than willing to give banks the benefit of the doubt especially if they realized there was a problem and was taking steps to fix it. Besides…they didn’t want work going to DC (where things go when they are really bad) cause then everybody (banks and FO staff) catch hell. As for the quota thing... I never recall a quota but they typically dig until they find something to put in the report... surely you don't think they would tell you that you are doing a really good job and that’s it do you... there’s always an area that "needs improvement"
I hope you pick up on the sarcasm! Really though, this is really just strict compliance. Its like a cop writing you for doing 26 in a 25 when he used to give you a 5mph buffer... just going to have to adjust and comply with the letter of the law and reg.
Also… as for worrying that more bankers would go to jail than terrorists… that’s totally an over reaction! The OCC doesn’t send anyone to jail… they can make referrals but after that they are out of the loop- its up to fed agents and AUSAs when it comes to sending people to jail…NOT the OCC. And to be totally honest- thanks to the OCC “CYA program” where everything has to go through layers of approval and attorneys at HQ- most investigators/ AUSAs just take the referral and then leave them out of the loop as much as absolutely possible. They really are almost adversarial when dealing with law enforcement.
Lets look at this for what it is… if your BSA program is lacking then you may have to worry about a negative ROE and maybe an MOU… things are really bad then you have to worry about C&D orders and CMPs- that’s about it. Now… if you are HELPING a terrorist/ dope dealer etc launder money or engaging in willful blindness to those activities then you do have BIG problems- and you should go to jail! But if the latter is happening then there will be many more agencies involved than the OCC and it will be much more of an in-depth inquiry than any two or three week exam could ever be. The bottom line is do your best to strengthen your BSA programs, report suspicious activities and you won’t have to worry about the OCC or going to jail...
As for DQ’s comment on better communication… couldn’t agree more! Definitely needs to happen.