What is the Office of the Comptroller of the Currency (OCC)?
The Office of the Comptroller (OCC) is an independent bureau of the U.S. Department of the Treasury. It charters, regulates and supervises all national banks and federal savings associations, as well as federal branches and agencies of foreign banks.
The OCC ensures that national banks and federal savings associations: provide fair access to financial services, treat customers fairly and comply with applicable laws and regulations.
The OCC enforces the Bank Secrecy Act (BSA) by mandating requirements that protect national security, fight money laundering and deter criminal activity within the banking system.
In 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration and the OCC issued a “Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing” to “encourage banks to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against illicit financial activity.”