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Daniel P. Stipano quoted in ACAMS article, “OCC ramps up anti-money laundering penalties against individuals”


Daniel P. Stipano

Daniel P. Stipano was quoted on August 17, 2018 in an ACAMS article, “OCC ramps up anti-money laundering penalties against individuals,” which discussed the increase in AML-related fines against individual bankers within the last seven months compared to the last two years. The article stated, “From January to July, the OCC, which supervises more than 1,400 national banks, federal savings associations and foreign bank branches in the United States, assessed $355,000 in total fines against seven executives involved in AML compliance lapses at two lenders. The regulator fined one senior banker in 2016 and none last year. Three industry attorneys interviewed by in October said they had seen an uptick in federal cases against individual bankers, including several compliance officers.”

Stipano added, “But the apparent spike in enforcement against individuals this year may reflect nothing more than timing. In cases with significant Bank Secrecy Act or AML failures, the OCC always examines individuals to see if they can bring action—that’s been true for many years. These cases have been going on for some time, and they get concluded when they get concluded.”

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