Banks in the U.S. Face Increased Legal and Regulatory Compliance Requirements:
Bruce Ortwine, General Counsel and Deputy Legal Manager, Sumitomo Trust & Banking Co., USA
For banks conducting activities in the United States, a topic of increasing importance and concern is that of legal and regulatory compliance requirements. U.S. bank regulatory agencies, including the regional Federal Reserve Bank, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, have in recent years placed extreme emphasis on Bank Secrecy Act/Anti-Money Laundering Compliance Programs, and the U.S. and non-U.S. banks that have been subjected to written—and public—enforcement actions, including cease and desist orders, deferred prosecution agreements and monetary fines well into the eight figures, read like a “Who’s Who” of the banking industry in the United States.
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