Payments Source

DECEMBER 2, 2016

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

Office of the Comptroller of the Currency

PYMNTS

JULY 5, 2020

It’s intended to “enhance the availability of financial services and the financial transparency of hemp-related businesses in compliance with federal law,” the notice said. The reminder is intended for banks with clients that include marijuana retailers or individuals that grow, process, or manufacture pot.

Treasury

Fintech Finance

DECEMBER 9, 2024

Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc. Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc.

Office of the Comptroller of the Currency

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). The pandemic has heightened risks for pretty much everyone, including U.S.

OCC

PYMNTS

SEPTEMBER 24, 2020

Between the Office of the Comptroller of the Currency clearing the way for financial institutions (FIs) to embrace stablecoin, and The Clearing House's latest real-time payments (RTP) push, new payment rails continue to gain traction. This week's look at the latest innovation initiatives finds a big push for the latter.

Office of the Comptroller of the Currency

PYMNTS

JANUARY 7, 2021

The paper reported that the Office of the Comptroller of the Currency (OCC) is looking into business card sales tactics at the company as well, citing unnamed sources. A representative for AmEx told WSJ, “We have robust compliance policies and controls in place, and do not tolerate misconduct.” 7), citing unnamed sources.

Fed

Finextra

JANUARY 8, 2025

The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs.

OCC

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

AML

Payments Source

DECEMBER 5, 2016

The Office of the Comptroller of the Currency's plan to offer a national charter for fintech firms immediately sparked a battle between consumer advocates and state regulators, who see it a dangerous move, and fintech firms and certain banks, which hailed it as the future.

Office of the Comptroller of the Currency

Segpay

MARCH 24, 2025

Australia and the USA have similar compliance and AML goals, but differ in frameworks, enforcement agencies, and approaches. Data Privacy & Cross-Border Compliance Australia: The Privacy Act 1988 applies, with additional AUSTRAC reporting for cross-border transactions over $10,000 AUD.

Compliance

PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance.

OCC

Payments Source

FEBRUARY 16, 2017

Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.

Office of the Comptroller of the Currency

PYMNTS

MARCH 30, 2020

and the Office of the Comptroller of the Currency — are all on board with using the “new methodology for measuring counterparty credit risk in derivatives transactions.”. Financial institutions now have two more years before converting to CECL. National bank regulators — The Federal Reserve, Federal Deposit Insurance Corp.

Office of the Comptroller of the Currency

PYMNTS

MAY 21, 2020

Otting’s tenure saw the Office of the Comptroller of the Currency (OCC) rationalizing the capital and liquidity rules to help banks serve customers’ needs while remaining safe, the release states.

Office of the Comptroller of the Currency

PYMNTS

MARCH 11, 2020

The Majority Staff report investigated Wells Fargo’s compliance with five consent orders that directed the board and management “to clean up the systemic weaknesses that led to widespread consumer abuses and compliance breakdowns.” . This company must move forward.”.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. Compliance. As is often the case with banks, risks of non-compliance remain high, the OCC noted.

OCC

PYMNTS

SEPTEMBER 21, 2020

billion transactions for potential suspicious activity and screened more than 157 million transactions for compliance with applicable sanctions requirements. As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2

Fincen

PYMNTS

APRIL 10, 2017

banks, the Office of the Comptroller of the Currency, removed Wells Fargo’s most senior bank examiner, people familiar with the matter told Reuters. The Office of the Comptroller of the Currency accused Wells Fargo of an “extensive and pervasive pattern” of discriminatory and illegal lending practices for years.

Office of the Comptroller of the Currency

PYMNTS

JULY 1, 2020

OCC: Banks Face Higher Compliance Risks Amid Pandemic. The Office of the Comptroller of the Currency (OCC) said in a report that it will examine how the coronavirus is impacting compliance by financial institutions.

Office of the Comptroller of the Currency

PYMNTS

APRIL 25, 2017

The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.

OCC

Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. The Bank and certain of its U.S.

AML

PYMNTS

SEPTEMBER 17, 2018

Or to put it a bit more specifically, the Conference of State Bank Supervisors sued the Office of the Comptroller of the Currency. The GDPR’s Compliance Laggards. The data continues to show a lagging effect when it comes to compliance with the General Data Protection Regulation.

OCC

PYMNTS

DECEMBER 3, 2019

Under the BSA and related anti-money laundering laws, FIs must have compliance and monitoring programs, establish a process for SAR and screen against Office of Foreign Assets Control (OFAC) and other government lists. It was amended to include the Patriot Act, which requires every bank to adopt a customer identification program.

Suspicious Activity Report (SAR)

The Fintech Times

AUGUST 17, 2024

The US subsidiary of a Canadian bank was issued a fine of $65million for unsafe practices related to operational, compliance, and strategic risk management controls. The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury.

APACS

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

Financial Crimes

PYMNTS

MARCH 4, 2020

The bank also inadequately staffed the BSA compliance function. . “Mr. In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity.

AML

PYMNTS

SEPTEMBER 25, 2018

The company is also supporting financial services providers’ compliance and security requirements, and working with these firms’ developers to facilitate the development of new tools reliant on data. Office of the Comptroller of the Currency (OCC) has reignited that pressure.

Office of the Comptroller of the Currency

PYMNTS

SEPTEMBER 18, 2018

In addition, the “digital sandbox” will, in part, focus on regulatory compliance and — as is typical of such testing environments — allow an operating license to be granted in the wake of a proven business model. Announcements came Monday (Sept. Startup accelerators are in place.

Legal

PYMNTS

MARCH 26, 2018

The latest changes come as probes into the company’s actions continue, with people familiar with the matter telling The Wall Street Journal that the Office of the Comptroller of the Currency is close to finalizing its own action against the bank. All are retiring in April, May or June.

Risk Management

Finovate

FEBRUARY 1, 2024

Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. Specifically, the OCC wants to see the bank improve its internal controls, compliance risk management, anti-money laundering and fair lending practices, and investment management operations. This week, U.S.

OCC

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. “Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”.

Financial Crimes

PYMNTS

JULY 18, 2017

In parallel, smaller institutions will benefit from industry-agreed standards and best practices in Know Your Customer compliance. The report uses aggregated data from SWIFT and analyzes correspondent banking activity to pinpoint potential areas risk for the purpose of KYC compliance and due diligence. This year, the U.S.

SWIFT

PYMNTS

NOVEMBER 23, 2020

In terms of mechanics, he explained, having a national bank charter in hand from the OCC means Figure will not have to obtain licenses to provide financial services on a state-by-state basis, but instead will be enabled to deliver its offerings on a nationwide basis while tailoring its compliance to the mandates of the OCC as sole regulator.

Financial Inclusion

PYMNTS

FEBRUARY 6, 2018

The new agreement states that if one of those member states reviews components of the licensing processes, the other member states will accept the findings, which can span activities such as business plans and compliance efforts. The CSBS said that other states are likely to join the agreement.

Office of the Comptroller of the Currency

PYMNTS

MARCH 30, 2017

Last week, the Federal Reserve told Santander to increase oversight of its subprime auto lending, giving the bank two months to put together a plan ensuring that all levels of the bank’s staff are instructed to improve the bank’s compliance with federal consumer protection laws. Back in 2015, Santander paid Massachusetts $5.5

Office of the Comptroller of the Currency

CB Insights

NOVEMBER 2, 2017

To meet the need for better and more efficient regulation of businesses, especially for financial firms, an emerging crop of regulatory technology startups are building tools aimed at helping companies improve compliance, mitigate risk, and streamline processes. The volume of regulation has created more surface area for compliance gaps.

Compliance

PYMNTS

MARCH 10, 2020

Lawmakers repeatedly pressed Scharf on a timeframe for more tangible results across compliance and remediation efforts. He said in his testimony that the business model had been flawed. Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse.

Consumer Financial Protection Bureau (CFPB)