Financial Crime World

Financial Regulatory Enforcement Actions in Comoros Take Center Stage

The Comorian financial sector is under increased scrutiny as the Office of the Comptroller of the Currency (OCC) takes various enforcement actions against financial institutions and parties affiliated with them.

Types of Enforcement Actions

  • Capital Directives: Issued when a bank fails to achieve or maintain capital at or above the minimum ratios required by regulations.
  • Cease & Desist Orders: Require banks or affiliated parties to cease and desist from unsafe or unsound practices, while Restitution Orders demand corrective action to remedy any conditions resulting from violations.
  • Civil Money Penalty Orders: Impose monetary penalties on banks or individuals found in violation of regulations.
  • Formal Agreements: Written agreements signed by the OCC and a bank’s board.
  • GLBA Agreements: Agreements between national banks and the OCC under specific regulations.
  • Prompt Corrective Action Directives: Restrict and direct FDIC-insured banks depending on their PCA capital category.
  • Safety & Soundness Orders: Require banks to correct deficiencies in their safety and soundness plans.
  • Prohibition Orders: Prohibit individuals from participating in bank affairs.
  • Prohibition/Suspension Orders for Criminal Conduct: Temporarily suspend or prohibit individuals accused of certain crimes from participating in bank affairs.
  • Removal, Suspension, and Debarment of Accountants: Sanctions independent public accountants who fail to meet audit requirements.
  • Securities Enforcement Actions: Allow the OCC to institute proceedings against violators of federal securities laws.
  • 1829 Prohibition Notifications: Inform convicted individuals that they are automatically prohibited from participating in bank affairs without prior written consent from the FDIC.

Authority and Scope

The OCC is authorized to take these actions against:

  • National banks
  • Federal savings associations
  • Their subsidiaries
  • Parties affiliated with them, including:
    • Bank directors
    • Officers
    • Employees
    • Controlling shareholders

Additional Information

For more information on OCC enforcement actions, please refer to the policies and procedures manuals, including:

  • PPM 5000-7, “Civil Money Penalties”
  • PPM 5310-3, “Bank Enforcement Actions and Related Matters”
  • PPM 5310-13, “Institution-Affiliated Party Enforcement Actions and Related Matters”