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OCC leaves out wealth management in plan for 2017

Chris Hamblin, Editor, London, 21 September 2016

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Making no mention of fund management, asset management, high net worth or wealth management, the US Office of the Comptroller of the Currency has issued its bank supervision operating plan for 2017.

The regulator's priorities for next year are, instead, commercial and retail loan underwriting (which has a partial bearing on wealth management); business model sustainability and viability; operational resiliency; change management processes to address new regulatory requirements; and Bank Secrecy Act/anti-money-laundering compliance management.

The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. Its emphasis on AML control is of particular interest in view of its failures at HSBC, where it identified 83 'matters requiring attention' over five years without once alleging that someone had broken federal anti-money-laundering law. Two OCC examiners famously sat through one of the most prolific drug-laundries of all time for two years at the global private banking giant's New York office.

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