Bank of China Order Confirms U.S. Regulators Are Willing to Take a Tough Line On Sanctions Missteps

August 16, 2018
By: Anna Sayre, Legal Content Writer,

After conducting a supervisory examination of its compliance program, the Office of the Comptroller of the Currency (OCC) has issued a $12.5 million fine and a Consent Order requiring Bank of China’s New York Branch to fulfill certain requirements within 90 days, some very far-reaching.

The Order, imposed by the OCC in April 2018, not only details shortcomings found in the Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program of one of the world’s biggest lenders, but also enterprise-wide deficiencies in its Office of Foreign Assets Control (OFAC) compliance requirements.


FREE! Advanced Tech: Using the Latest Machine Learning and AI for Greater Efficiency in Sanctions Screening

Upcoming Webinar

Upcoming Webinar

FREE! Advanced Tech: Using the Latest Machine Learning and AI for Greater Efficiency in Sanctions Screening

Date: Tuesday, September 25, 2018

Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:00 PM London
06:00 PM – 07:00 PM Amsterdam

Eventbrite - Advanced Tech: Using the Latest Machine Learning and AI for Greater Efficiency in Sanctions Screening (FREE)

As has always been the aim of, we wish to not only provide the best training and development for sanctions professionals, but to arm sanction professionals with the know-how needed to carry out their daily duties with the upmost efficiency and effectiveness. To that end, has created the Sanctions Technology Taskforce (STTF).

In addition to providing various useful resources to the compliance community, STTF members conduct regular Technology Webinars to keep the sanctions community abreast of all the latest developments in sanctions technology.

In this STTF webinar, our sanctions technology experts will discuss the growing trend of using Machine Learning (ML) and Artificial Intelligence (AI) as part of your compliance duties and how to incorporate ML and AI into your company’s daily processes.

Our experts will discuss:

  • the definition of ML and AI;
  • How ML and AI are being used for sanctions screening;
  • What the differences are between financial institutions and corporations wanting to leverage ML and AI for sanctions screening;
  • How to revise your policies and procedures to incorporate ML and AI; and
  • What the processes and strategies are to implement ML and AI.
Eventbrite - Advanced Tech: Using the Latest Machine Learning and AI for Greater Efficiency in Sanctions Screening (FREE)

Sign up today! Tell your friends, clients, customers and colleagues about it.

NoMoneylaundering webinars conduct audience polls that will give you vital benchmarking data so you can measure your anti-money laundering compliance against others.

Registered attendees will receive a Certificate of Attendance to demonstrate required AML training to auditors, and regulators.

Jennifer McEntire
Director, Financial Crime Compliance
LexisNexis®Risk Solutions

Jennifer McEntire is responsible for defining the commercial strategy for the Financial Crime Compliance Suite of Products at LexisNexis Risk Solutions. They deliver comprehensiveFinancial Crime Compliance data and technology solutions, designed to help organizations effectively comply with BSA, AML, Economic Sanctions, and Anti-Bribery and Corruption regulations.Jennifer joined LexisNexis Risk Solutions in 2015.

Prior to joining LexisNexis Risk Solutions, Jennifer worked for 10 years in the financial sector and was responsible for the development, implementation, and management of compliance and fraud operations departments at various financial institutions. She is a Certified Anti-Money Laundering Specialist (CAMS) and serves as Co-Chair on the ACAMS Central Florida Chapter Board of Directors. She received a bachelor’s degree in Finance from Weber State University and an MBA from the University of Utah.

Joe Murray
Principle Scientist
FICO Analytics

Joe Murray is a Principal Scientist at FICO Analytics (San Diego) and joined FICO in 2009. He currently leads the development of new products for AML using advanced machine learning, with the goal of reducing illicit money flows and easing bank’s compliance costs. He has developed predictive models for clients worldwide, with applications in retail banking, fraud prevention and mobile device security. He received his PhD in Electrical Engineering from the University of California, San Diego, and postdoc at MIT’s Brain and Cognitive Sciences, focusing on machine learning and neural networks.


75 minutes


Anna Sayre, Legal Content Writer,

Joseph M Bognanno III

STTF Chair

Joseph M Bognanno III
Chief Innovation Officer
Safe Banking Systems (SBS)

Joseph joined Safe Banking Systems in April 2018 and is spearheading the process for developing, managing and implementing new ideas and innovation throughout SBS. He will also be responsible for change management and participating in the development of strategic partnerships.

He brings a broad perspective to his CIO role, having worked as practitioner, solutions vendor and regulator.  Prior to joining SBS, Joseph served as SVP, Head of Global Risk Analytics at HSBC and was responsible for all transaction monitoring and name screening analytics. He managed teams engaged in all aspects of model governance in relation to AML analytics, design, development, optimization, model validation and remediation.

Previously, he held various positions at anti-money laundering solutions provider NICE Actimize and spent seven years in the U.S. Treasury, Office of Technical Assistance (OTA).  At OTA, he worked as Senior Advisor on Economic Crimes, and U.S. Treasury Attaché liaison to the South American FATF to engage with the U.S. Treasury, the U.S. Department of State, USAID, the International Monetary Fund, the World Bank, Organization of American States, the Financial Action Task Force and other organizations to provide information technology solutions to combat financial crime through technical assistance programs.

Joseph has over 25 years of experience in the financial industry. More than 15 years have been spent within the Compliance industry, working to mitigate money laundering and other financial crime risks through the use of technology specific to AML/FCC initiatives. He has provided training, technical assistance, and guidance to both public and private sectors in over 40 countries.

As an AML subject matter expert, he has spoken at various industry events, notably ACAMS and FATF Plenaries, and has provided expert AML/CFT commentary to a number of international publications.

Joseph is also the co-chair of the New York City Alumni Club for The Johns Hopkins Carey Business School.

Claudia Glawe-Haberland

STTF Member

Claudia Glawe-Haberland
Partner, Business Development & Alliance Management Americas

With over 15 years’ experience in banking, Claudia has worked in: offshore, private, wealth-management, corporate and retail banking as well as senior management positions for large European financial institutions in New York, Cayman Islands, Ireland and UK. Her focus has mainly been on regulatory and operational risk management.  For about 10 years she has applied her hands-on banking experience to IT consulting, aiding financial institutions in finding solutions to increase effectiveness and improve efficiencies in compliance and risk management.”