M.Y. Safra Bank

M.Y. Safra Bank operates as a community bank offering a range of savings products, including certificates of deposit (CDs) and online banking services. Their online division, MYSB Direct, focuses on providing various savings accounts to customers, making the banking experience more accessible and convenient.

CCI Score

-32.16

0.02% April 18

Latest Event

Acquisition of M.Y. Safra Bank by BTG Pactual

BTG Pactual announced the acquisition of 100% of M.Y. Safra Bank, pending regulatory approvals and closing conditions, as part of its strategy to expand its product and service offerings in the US market.

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TOADIE

M.Y. Safra Bank is currently rated as a Toadie.

-30 to -44 CCI Score

Companies scoring in this range actively seek to please authoritarian regimes. They offer proactive support and assistance in exchange for preferential treatment, compromising ethical standards for business gains and political favor.

Latest Events

JUN

27

2024

Acquisition of M.Y. Safra Bank by BTG Pactual
0.00

BTG Pactual announced the acquisition of 100% of M.Y. Safra Bank, pending regulatory approvals and closing conditions, as part of its strategy to expand its product and service offerings in the US market.
+0

Economic and Structural Influence

April 14

The acquisition, while representing a structural change in ownership and business operations, is a standard financial transaction with no clear evidence of promoting or undermining authoritarian practices. As regulatory approvals are pending, there is no indication of any deliberate alignment with far‐right or authoritarian ideologies.

BTG Pactual enters into an agreement to acquire 100% of M.Y. Safra Bank in the United States
SEP

01

2023

OCC Sanctions M.Y. Safra Bank for AML Compliance Failures
-42.47

The U.S. Treasury’s Office of the Comptroller of the Currency issued a cease-and-desist order against M.Y. Safra Bank for extensive failures in its anti-money laundering program. The order criticizes the bank’s inadequate oversight and controls over its new digital asset clients (crypto-related entities), highlighting increased risk from heightened domestic and international transaction volumes without corresponding compliance safeguards.
-50

Business Practices and Ethical Responsibility

April 14

The bank's failure to implement proper AML controls for its digital asset customers reveals significant ethical and operational shortcomings. This oversight not only heightens the risk of financial crime but also undermines trust in responsible business practices, aligning with concerns over ethical accountability in the financial sector.

OCC chastises M.Y. Safra Bank for oversight of crypto clients ... - ACFCS
FEB

20

2020

M.Y. Safra Bank’s Crypto AML Failure
-17.90

The OCC reached a settlement with M.Y. Safra Bank, finding that for over two years the bank failed to adequately vet cryptocurrency customers and transactions in high‐risk jurisdictions. This oversight required the bank to implement corrective anti-money laundering measures under the Bank Secrecy Act.
-30

Business Practices and Ethical Responsibility

April 14

M.Y. Safra Bank’s prolonged failure to implement necessary AML controls for cryptocurrency accounts reflects poor business practices and ethical responsibility. Such lapses can indirectly facilitate illicit financial flows, potentially enabling channels that extremist or authoritarian groups might exploit. Although no monetary penalties were imposed and remedial measures were mandated by the OCC, this compliance failure is a significant negative mark against the bank’s commitment to ethical standards.

M.Y. Safra Bank Failed Crypto Compliance, OCC Says (1)
JUL

01

2019

OCC Consent Order for AML Non-Compliance at M.Y. Safra Bank
-36.12

The OCC issued a Consent Order in July 2019 against M.Y. Safra Bank for failing to implement adequate Bank Secrecy Act and Anti-Money Laundering controls when onboarding high‐risk digital asset customers. The bank was required to overhaul its compliance program and enhance its Board of Directors' active role in oversight.
-60

Public and Political Behavior

April 14

The bank’s board of directors failed to exercise the necessary oversight and proactive governance required in adapting the AML program for high-risk digital asset clients—a critical lapse in fulfilling its public and political responsibilities.

OCC Action Highlights Increased Accountability Facing Boards Of Directors
-70

Business Practices and Ethical Responsibility

April 14

M.Y. Safra Bank’s inadequate implementation of AML controls—including failing to properly evaluate suspicious activity, insufficient customer due diligence, and not appointing a qualified BSA officer—reflects significant deficiencies in its business practices and ethical responsibility.

OCC Action Highlights Increased Accountability Facing Boards Of Directors