M.Y. Safra Bank Settles with OCC on AML Cryptocurrency Violations

On January 30, 2020, the Office of the Comptroller of the Currency (OCC) and M.Y. Safra Bank, FSB, New York, entered into a consent order concerning alleged violations  of the Bank Secrecy Act/antimony laundering (BSA/AML) compliance program requirements, 12 U.S.C. § 1818(s), 12 C.F.R. § 21.21 and those related to the failure to monitor and investigate suspicious transactions and timely file suspicious activity reports (“SAR”), 12 C.F.R. § 163.180 and for noncompliance with the Operating Agreement.[1]