Bob Schwartz Quoted on OCC's Steps to Ensure NJ Bank Can Address Anti-Money Laundering
Tuesday, December 6, 2011
A November 27th article in The Star-Ledger quoted Bob Schwartz (Partner, New Brunswick) in its review of steps taken by the Office of the Comptroller of the Currency (OCC) to ensure certain New Jersey banks can effectively detect and prevent money laundering.
Entitled "Feds order Bergen County bank to beef up anti-money laundering efforts," Bob said the following on the OCC's use of a cease and desist order:
- "A cease and desist order is one of the highest levels of regulatory enforcement available to the OCC. It doesn't mean the bank is in imminent danger. Rather it shows that regulators either have found sufficiently serious problems or issues that had not been dealt with to make a public finding against the bank."
Bob's practice focuses on M&A, regulatory and securities law for the banking and other industries. Recently, he was named to NJ Biz's "Power 50 Banking" list, which is an annual review of New Jersey's banking industry leaders.
