OCC releases April report of enforcement actions

The Office of the Comptroller of the Currency has released its April 2018 report of enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. The report includes one action taken in February, and seven in March.

• A Seattle, Washington, bank was issued an Order to Cease and Desist based on findings that the bank had deficiencies in its BSA/AML compliance program.
• Three individuals now or formerly affiliated with Merchants Bank of California, NA, of Carson, California, were issued orders to pay civil money penalties totaling $60,000. Two of those individuals were also issued personal cease and desist orders.
• Two former personal bankers with JPMorgan Chase Bank, NA, Columbus, Ohio (theft of bank funds from vault on two occasions) , and Wells Fargo Bank, NA, Sioux Falls, South Dakota (misappropriation of over $59,000 from a bank customer), were issued removal/prohibition orders.