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Reputation risk and BSA compliance failures

What’s a “Deferred Prosecution Agreement” (DPA)?

The Department of Justice entered into a “Deferred Prosecution Agreement” (DPA) against an OCC supervised bank. The OCC was joined by FinCEN and the Federal Reserve to impose a $613 million penalty for willful violations. This was done because of the bank’s practice to cap suspicious activity alerts that would require investigation. If the bank fails to reform its BSA/AML compliance program, Justice can initiate the prosecution of its case against the bank.
Learn more about Susan Costonis’s webinar
Is your BSA and AML program at RISK?

First published on 04/14/2019

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