On March 15, the OCC announced a $17 million civil money penalty and prohibition order against a former senior executive who served as head of a national bank’s community banking division for her role in the bank’s incentive compensation sales practices. As previously covered by InfoBytes, in January 2020, the OCC announced charges against the former general counsel and other executives, seeking a lifetime prohibition from participating in the banking industry, a personal cease and desist order, and/or civil money penalties. The 2020 announcement included settlements with three of the executives. The OCC settled with three others in September 2020, as well as with the bank’s former general counsel in January 2021 (covered by InfoBytes here and here). In addition to the $17 million penalty, the former senior executive entered a plea agreement admitting to one count of obstructing a bank examination.
- How-to guide How-to guide: How to navigate challenges relating to Source of Wealth and Source of Funds (UK) Recently updated
- Checklist Checklist: Pre-appointment checks to consider when selecting an appointed representative (UK) Recently updated
- How-to guide How-to guide: The appointed representatives regime explained - what it means in practice (UK) Recently updated