Regulatory Alerts2024-08-07
Added · Updated
Consent Order Regarding Customers Bank
The Bureau of Bank Supervision issued a Consent Order against Customers Bank requiring the submission of revised plans for board oversight, risk management, BSA/AML compliance, customer due diligence, suspicious activity monitoring, and OFAC compliance within 60 days of the effective date. The Bank must engage an independent third party to review transaction monitoring activities from March 1, 2023, to August 31, 2023, and provide written notice 30 days prior to engaging in new digital asset initiatives, subsidiary formations, or new payment platforms. The Bank is further required to submit quarterly progress reports to the Bureau detailing actions taken to secure compliance with the Order.
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