$10 Million Civil Money Penalty for Shoddy BSA Practices

Missteps by banks continue to illustrate the importance of Bank Secrecy Act (BSA) compliance. A recent example is that of TCF National Bank (TCF) in Sioux Falls, South Dakota. On January 25, 2013, the Office of the Comptroller of the Currency (OCC) announced a ten million dollar ($10,000,000.00) civil penalty against TCF for deficiencies in the bank's practices that resulted in violations of the BSA.

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