Regulatory Alerts2011-08-22 | 2011-7Added
Assessment of Civil Money Penalty Against Ocean Bank
FinCEN assesses a civil money penalty against Ocean Bank for violations of the Bank Secrecy Act committed between 2005 and 2010. The bank failed to maintain an adequate anti-money laundering program, specifically lacking effective internal controls, designated compliance personnel, and an independent audit function. Additionally, Ocean Bank violated suspicious activity reporting and currency transaction reporting requirements by failing to timely file reports for transactions involving tens of millions of dollars.
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