WASHINGTON Jan 25 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
The OCC issued a cease-and-desist order against TCF National
Bank in July 2010 and told the bank to fix its
"We are confident that with the help of the OCC, we have
taken the necessary steps to put in place a best-in-class BSA
(Bank Secrecy Act) program and team to lead this critical area
moving forward," William A. Cooper, chief executive of TCF, said
in a statement.
TCF National Bank neither admitted nor denied the findings,
the OCC said.