U.S. regulator fines South Dakota bank $10 mln for violations

WASHINGTON Fri Jan 25, 2013 4:21pm EST

WASHINGTON Jan 25 (Reuters) - A U.S. bank regulator announced on Friday that it fined a South Dakota bank $10 million over problems with its anti-money- laundering controls.

The Office of the Comptroller of the Currency said TCF National Bank of Sioux Falls, South Dakota, was late filing suspicious activity reports between November 2008 and July 2010 about certain cash transactions and wire transfers.

Some of the reports also did not adequately explain or identify potential problems, the OCC said.

Regulators have been cracking down on banks for not closely monitoring suspicious money flows. Earlier this month, the OCC ordered JPMorgan Chase & Co to improve its compliance with the Bank Secrecy Act and anti-money-laundering requirements.

The OCC had already issued a cease-and-desist order against TCF National Bank in July 2010 and told the bank to fix its anti-money-laundering controls.

TCF National Bank neither admitted nor denied the findings, the OCC said.

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