Regulatory Alerts2010-06-03 | 2010-3Added
Assessment of Civil Money Penalty Against Pamrapo Savings Bank, S.L.A.
The Financial Crimes Enforcement Network assesses a civil money penalty of $1,000,000 against Pamrapo Savings Bank, S.L.A. for violations of the Bank Secrecy Act, including the failure to implement an effective anti-money laundering program and deficiencies in currency transaction and suspicious activity reporting. The Bank consented to the penalty without admitting or denying the determinations, resolving its civil liability for violations occurring between January 1, 2005, and April 21, 2009.
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