Holding individuals responsible for compliance breakdowns is one way the Office of the Comptroller of the Currency wants to get firms to fix deficiencies in their AML compliance programs, Thomas Curry, the chief of the U.S. bank regulator said on Tuesday.
Individual accountability was an important aspect of key aspect of getting firms to develop adequate compliance programs.
"What we've seen with some of the high profile cases is that no one is responsible for it. This is key ... having individual accountability," said Curry who was speaking at the Reuters Financial Regulation summit in Washington D.C..
Big banks like JP Morgan and HSBC have received big fines over weaknesses in their AML programs
In December 2012, HSBC paid over $1 billion to U.S. authorities to settle charges that it failed to stop hundreds of millions of dollars in drug money from flowing through a Mexican unit that was used by a drug cartel.
Last January, JPMorgan agreed to pay more than $2 billion
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