The Office of the Comptroller of the Currency (OCC) has initiated an enforcement action against Axiom Bank in Florida due to various compliance issues. These include suspicious activity, insufficient adherence to the Bank Secrecy Act and anti-money laundering practices, as well as inadequate risk management practices.
As part of this action, Axiom has entered into a compliance agreement with the OCC. This agreement stipulates necessary amendments to the bank’s BSA/AML action plan, internal controls, staffing, and risk management strategies in accordance with legal requirements.
This development comes on the heels of TD Bank being fined $3 billion earlier this month for failing to comply with AML laws in the U.S. Reports indicated that the bank’s inadequate monitoring and security protocols allowed for easier exploitation by criminals.