According to an article at jsonline.com, Associated Bank has been fined $500,000 by the Office of the Comptroller of the Currency (OCC) after being found deficient in its efforts to detect money laundering, even though no specific incident triggered the action.
In 2012, federal regulators found that Associated, operated by Green Bay-based Associated Banc-Corp, needed to improve its compliance with the federal Bank Secrecy Act, which requires banks to watch for dubious activity. The OCC lifted the special order in March, but a civil money penalty was expected. No additional penalties are anticipated relating to the case.
