WBK Industry News - Federal Regulatory Developments

$7.5 Million FDIC CMP for Repeat BSA Violations

The FDIC recently disclosed that it entered into a consent order with a Delaware-based bank for a $7.5 million civil money penalty.  The FDIC alleged that the Bank violated the Bank Secrecy Act during the period between July 2013 and June 2018.  The consent order cites the Bank’s alleged failure to comply with the requirements of a previous consent order concerning BSA compliance issues.