On 24th July, KYC 360 reported that the OCC, regulator of national banks, has disclosed a $50,000 civil monetary penalty against Daniel Weiss, the former general counsel of Rabobank NA for concealing a critical report on the lender’s AML programme. In 2018, the OCC and the California unit of the Dutch lender agreed a $368 million forfeiture order, in addition to a $50 million penalty that was credited toward an AML-related DoJ fine. However, Weiss and other executives were aware of the bank’s troubles as early as 2012, when the institution’s incoming chief compliance officer informed them of previously unidentified compliance deficiencies, the OCC said.
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