Regulatory Alerts2015-02-27 | 2015-03Added
Assessment of Civil Money Penalty Against First National Community Bank
FinCEN assesses a $1.5 million civil money penalty against First National Community Bank for willfully violating the Bank Secrecy Act by failing to file timely suspicious activity reports between August 2005 and April 2009. The penalty consists of a $1 million payment to the U.S. Department of the Treasury and a $500,000 concurrent payment satisfying a separate penalty imposed by the Office of the Comptroller of the Currency. The bank admitted to failing to detect red flags related to illicit proceeds from a judicial corruption scheme involving former Pennsylvania state judge Michael Conahan.
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