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April 22, 2022

On the web

OCC Finds Anchorage Digital Failed to Maintain Proper AML Rules


“The Office of the Comptroller of the Currency (OCC), a federal banking regulator, and Anchorage Digital, a trust company operating with an OCC trust charter, agreed to a consent order Thursday in which the regulator said Anchorage failed to meet Bank Secrecy Act (BSA) requirements for its internal controls. According to the order , in which Anchorage neither admits nor denies the OCC’s findings, Anchorage didn’t have an anti-money laundering/Bank Secrecy Act program that met federal requirements regarding customer due diligence. The company now has 15 days to create a compliance committee where a majority of members aren’t Anchorage employees. That committee will oversee Anchorage’s compliance with the consent order.”

August 6, 2020

On the web

Banking Regulator Fines Capital One $80 Million Over 2019 Hack

Wall Street Journal (paywall)

“A top banking regulator has fined Capital One Financial Corp. $80 million over a 2019 hack that compromised the personal information of about 106 million card customers and applicants. The Office of the Comptroller of the Currency said the bank failed “to establish effective risk assessment processes“ before transferring information-technology operations to the public cloud and “to correct the deficiencies in a timely manner.””

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