Regulatory Alerts2021-12-16 | 2021-03Added
Consent Order Imposing Civil Money Penalty on CommunityBank of Texas, N.A.
FinCEN imposes a civil money penalty on CommunityBank of Texas, N.A. for willful violations of the Bank Secrecy Act and its implementing regulations. The Bank failed to maintain an adequate anti-money laundering program, including understaffing its compliance office and failing to update customer due diligence information. Additionally, the Bank willfully failed to file at least 17 Suspicious Activity Reports on transactions involving suspicious activity, such as those linked to illegal gambling operations.
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