M.Y. Safra Bank FSB

MYSB Direct is the direct banking platform of M.Y. Safra Bank FSB. It offers competitive savings and certificate of deposit products through a streamlined digital interface, allowing customers to manage their funds with ease and take advantage of attractive rates.

CCI Score

-29.71

0.02% April 18

Latest Event

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

The U.S. Treasury’s Office of the Comptroller of the Currency (OCC) has sanctioned M.Y. Safra Bank for its inadequate oversight, monitoring, and reporting of suspicious activities among its new digital asset clients, reflecting serious deficiencies in its anti-money laundering (AML) protocols.

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ACCOMPLICE

M.Y. Safra Bank FSB is currently rated as an Accomplice.

-20 to -29 CCI Score

These companies profit from authoritarian practices through their business dealings. Although they may not be directly enforcing oppressive policies, their actions contribute to the economic and operational sustenance of authoritarian regimes.

Latest Events

OCT

05

2023

OCC Sanctions M.Y. Safra Bank for AML Compliance Failures
-42.87

The U.S. Treasury’s Office of the Comptroller of the Currency (OCC) has sanctioned M.Y. Safra Bank for its inadequate oversight, monitoring, and reporting of suspicious activities among its new digital asset clients, reflecting serious deficiencies in its anti-money laundering (AML) protocols.
-50

Business Practices and Ethical Responsibility

April 2

M.Y. Safra Bank expanded its services to include a significant volume of new digital asset clients without simultaneously strengthening the necessary internal controls to prevent abuse. This lapse in AML practice not only undermines corporate ethical responsibility but also exposes the financial system to risks that can facilitate financial crimes, indirectly supporting conditions favorable to authoritarian practices by destabilizing regulatory safeguards.

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

01

2023

OCC sanctions M.Y. Safra Bank for AML Oversight Failures
-42.82

The U.S. Treasury’s Office of the Comptroller of the Currency (OCC) issued a 30‐page cease-and-desist order against M.Y. Safra Bank for its extensive failures in overseeing crypto clients and managing AML controls. The action highlights major deficiencies in the bank's internal controls and board oversight, raising concerns about its business practices and ethical responsibility.
-50

Business Practices and Ethical Responsibility

March 24

The OCC order underscores significant failures in M.Y. Safra Bank's AML procedures, particularly regarding its oversight of digital asset clients. The board was mandated to implement a lengthy list of corrective measures, revealing systemic problems in internal controls and regulatory compliance. Such deficiencies in ethical business practices have broader implications for financial governance and contribute to an environment in which lax oversight may indirectly facilitate other forms of corporate misconduct.

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

23

2022

IRS Summons M.Y. Safra Bank Over Crypto-Related Data
-9.88

A New York court granted the IRS a 'John Doe' summons compelling M.Y. Safra Bank to produce customer information related to crypto transactions via its partnership with SFOX. The move is part of an ongoing effort to clamp down on crypto tax evasion.
-15

Business Practices and Ethical Responsibility

April 2

The IRS summon underscores potential deficiencies in M.Y. Safra Bank's internal compliance and due diligence practices regarding crypto-related services. This lapse raises concerns about the bank’s ethical responsibility in monitoring and preventing activities that may facilitate tax evasion, which can contribute to economic disparity and undermine social accountability.

IRS Targets Crypto Tax Evaders With M.Y. Safra Bank Summons Over SFOX Data
-10

Economic and Structural Influence

April 2

By being involved in crypto transactions through its partnership with SFOX without robust oversight, the bank risks contributing to economic practices that can undermine fair financial governance. Such vulnerabilities in economic responsibility can indirectly erode public trust and foster conditions susceptible to authoritarian influence.

IRS Targets Crypto Tax Evaders With M.Y. Safra Bank Summons Over SFOX Data
FEB

20

2020

M.Y. Safra Bank Crypto Compliance Failure
-29.84

The OCC found that M.Y. Safra Bank failed to adequately vet cryptocurrency customers and transactions in high-risk jurisdictions for over two years. Under a settlement with the regulator, the bank must implement measures to update its anti-money laundering and Bank Secrecy Act compliance protocols.
-50

Business Practices and Ethical Responsibility

April 2

M.Y. Safra Bank's failure to conduct sufficient due diligence on cryptocurrency customers and transactions demonstrates poor adherence to ethical business practices and regulatory compliance, potentially opening avenues for illicit financial flows that could support authoritarian or extremist activities.

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

30

2020

OCC Consent Order for AML Compliance Failures
-29.12

On January 30, 2020, the OCC issued a consent order against M.Y. Safra Bank FSB for failing to implement adequate AML controls for its cryptocurrency clientele. The order forced the bank to overhaul its risk management framework, exposing serious deficiencies in ethical business practices and regulatory oversight.
-60

Business Practices and Ethical Responsibility

October 10

M.Y. Safra Bank FSB's failure to implement robust AML controls—especially in the context of onboarding high-risk cryptocurrency clients—demonstrates a significant lapse in ethical business practices. The enforcement by the OCC underlines the bank’s inability to manage financial crime risks, harming its credibility and operational integrity.

Recent OCC Actions Focus Attention on Financial Crime Controls for Cryptocurrency Custody Businesses
-40

Public and Political Behavior

October 10

The OCC enforcement action reveals broader issues in the bank’s public and political behavior. The lack of proactive regulatory compliance and accountability in managing AML risks reflects a deficiency in the ethical and responsible engagement expected of financial institutions.

Recent OCC Actions Focus Attention on Financial Crime Controls for Cryptocurrency Custody Businesses
JAN

30

2020

M.Y. Safra Bank Faces AML Compliance Failures
-23.73

The OCC signed a consent order with M.Y. Safra Bank on January 30, 2020, after finding significant Bank Secrecy Act compliance failures related to accounts for cryptocurrency-related money services businesses.
-40

Business Practices and Ethical Responsibility

April 2

M.Y. Safra Bank was found to have significant BSA compliance failures regarding cryptocurrency-related MSB accounts, reflecting poor business practices and oversight. This lack of due diligence potentially exposes the financial system to illicit activities, undermining ethical standards and regulatory protections.

ANALYSIS: M.Y. Safra Bank Case Highlights Crypto AML Compliance