Washington Federal Bank Ordered To Pay $2.5M for AML/BSA Non-Compliance

Washington Federal Bank Ordered To Pay $2.5M for AML/BSA Non-Compliance

Washington Federal Bank (WaFd Bank) has agreed to paying $2.5 million in civil penalties after reaching a consent order with the Office of the Comptroller of the Currency (OCC) for offenses occurring in 2018.

The bank announced its fine settlement back on September 30, saying payment of this civil penalty was a big milestone towards full resolution of its still active order regarding deficiencies in its Banks Secrecy Act and Anti Money Laundering efforts.

Bank President and CEO Brent Beardall said, “WaFd Bank is committed to building and maintaining an effective AML/BSA program and appreciates the opportunity to continue working with the OCC to achieve that goal.”

In 2018, the OCC faulted the bank for failing to implement and adopt a proper and required BSA/AML program.

Banks across the nation must implement and adhere to BSA/AML requirements designed to help diminish fraud and money laundering in the banking system.

ToolCASE, a fraud detection and prevention company out of Denver offers AML solutions to banks, credit unions and other transactional institutions nationwide. Their leading artificial intelligence systems allow banks to detect and prevent fraudulent transaction activity live, as the crimes are being committed.

Having the ToolCASE suite of AML and anti-fraud products helps banks reach and surpass BAS/AML requirements and avoid millions-of-dollars in penalties, and can save millions in fraud related costs.

Learn more about ToolCASE, HERE

Or you can learn more about the WaFd case, HERE

Source: https://www.complianceweek.com/regulatory-enforcement/wafd-bank-to-pay-25m-for-aml/bsa-deficiencies/30891.article

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