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The Daily Hodl 2024-02-03 21:04:07

Billion-Dollar Bank Pays $65,000,000 Fine, Faces Cease-and-Desist Order After Violating Bank Secrecy Act, Deploying Poor Risk Management

A Los Angeles-based lender known as the ‘bank to the stars’ will pay a $65 million fine for a number of violations, including failure to follow the Bank Secrecy Act. The Office of the Comptroller of the Currency (OCC) says City National Bank engaged in “unsafe or unsound practices” ultimately resulting in lapses in several The post Billion-Dollar Bank Pays $65,000,000 Fine, Faces Cease-and-Desist Order After Violating Bank Secrecy Act, Deploying Poor Risk Management appeared first on The Daily Hodl .

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