AML/CFT

Definition

Bank Secrecy Act / anti-money laundering and counter-terrorist financing compliance programs — transaction monitoring, SAR filing, independent review, and governance — required of banks and money services businesses.

Key Points

• 2026-10-15: nydfs $33M consent order with seb for 2015–2019 Baltic AML/monitoring and correspondent-banking gaps (Panama Papers review lineage) (2026-10-16-nydfs-fines-seb-33m-aml)
• 2026-10-13: Record-tier coordinated FinCEN/OCC action on bank-of-america—$1.2BFinCENassessment($750M OCC CMP credited); >$5Bunreportedsuspiciousactivitycited;separateOFAC$11.66M (2026-10-13-bank-of-america-aml-treasury-press)
• 2026-10-08: Coordinated Fed/OCC enforcement on american-express—$350MOCCpenaltyforBSA/AMLprogramgapsand$13B in suspected trade-based-money-laundering card flows (2014–2025); enterprise-wide remediation orders (2026-10-08-occ-amex-350m-aml-enforcement)
• Wise US July 2025 multistate consent order ($4.2M) cited in OCC trust charter denial
• OCC expects enterprise-wide AML/CFT commensurate with payment volume/risk before trust/bank charters
• MSB compliance record scrutinized when applicants seek bank-level requirements

Related

• bank-of-america
• american-express
• trade-based-money-laundering
• national-trust-bank-charter
• occ
• wise
• fintech-regulation
• genius-act

Sources

• 2026-07-24-wise-occ-denial-primary
• 2026-07-24-wise-occ-american-banker