The Office of the Comptroller of the Currency (OCC) has filed an enforcement action against Axiom Bank in Florida.
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The action was filed due to suspicious activity, insufficient compliance with Bank Security Act and anti-money laundering practices, and poor risk management from the bank.
Axiom has entered into a compliance agreement with the OCC, which outlines how the bank must amend its BSA/AML action plan, internal controls, staffing, and risk management strategies according to the law.
The news follows TD Bank’s $3 billion fine after failing to comply with AML laws in the US earlier this month. The bank allegedy made it easier for criminals due to poor monitoring and security protocols on their products and services.
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