January 25, 2013
OCC Assesses $10 Million Civil Money Penalty against TCF National Bank, Bank Secrecy Act Violations Cited
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $10 million civil money penalty (CMP) against TCF National Bank, Sioux Falls, S.D., for violations of the Bank Secrecy Act (BSA).
An OCC examination of the bank’s account and transaction activity between November 2008 and July 2010 revealed late filing of suspicious activity reports (SARs). The suspicious activities primarily consisted of cash transactions which indicated structuring and wire transfers where the source and purpose of the funds were unknown. In addition, upon further investigation, OCC found instances where SARs failed to adequately explain or identify potential terrorist financing.
The CMP follows a cease and desist order issued in July 2010 which directed the bank to correct deficiencies in its BSA and anti-money laundering programs and required an independent examination of BSA reports filed between November 2008 and July 2010.