In the last five years, the Federal Reserve has issued 113 enforcement actions relating to BSA and OFAC compliance, including 25 public cease and desist orders and written agreements. Together with these recent actions, the Federal Reserve has assessed hundreds of millions of dollars in penalties. The institutions that have been subject to these actions are large and small, domestic and foreign.
In each case, the Federal Reserve has required the institution to take corrective measures to ensure their programs are brought into compliance. BIS central bankers’ speeches  3  Enforcement of U.S. economic sanctions Many of the recent U.S. sanctions cases the Federal Reserve has pursued involve foreign banks with operations that extend across many different countries around the world.