The Office of the Comptroller of the Currency (OCC) has taken enforcement action against Axiom Bank, Florida, for issues surrounding compliance with the Bank Secrecy Act (BSA), anti-money laundering (AML) protocols, and inadequate risk management. Axiom Bank has agreed to a compliance agreement, requiring amendments to its BSA/AML action plan, internal controls, and risk management practices.
This news comes shortly after TD Bank’s recent $3 billion fine for AML law violations, highlighting the growing regulatory focus on financial institutions’ security protocols.