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Suspicious activity report

OCC Issues Cease and Desist Letter Against Citibank

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The OCC announced it has sent a cease and desist letter to Citibank regarding “identified deficiencies in the Bank’s overall program for Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance” As we all know, banks make mistakes. It just seems that typically it is the consumers that wind up paying for them. The OCC found that the …

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Treasury Reports An 88 Percent Increase In Mortgage-Fraud Since 2010

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Banks are re-examining loans that took place during the housing boom and are now finding problems which has resulted in a large jump of reported mortgage-fraud. Reports are showing an 88 percent jump in the second quarter according to the Treasury Department. “Most of the mortgages suspected of fraud closed during the height of the …

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