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Axiom Bank hit with enforcement action

The Office of the Comptroller of the Currency (OCC) has filed an enforcement action against Axiom Bank in Florida.

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Axiom Bank hit with enforcement action

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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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