Pamrapo Savings Bank S.L.A. will pay a penalty of $1 million for allegedly violating requirements under the Bank Secrecy Act, the Financial Crimes Enforcement Network said Thursday.

The agency said Pamrapo, of Bayonne, N.J., failed to file a substantial number of currency transaction reports and suspicious activity reports in a timely manner. The bank "flagrantly and repeatedly disregarded" basic BSA requirements between Jan. 1, 2005, and April 21, 2009, which resulted in an "ineffective anti-money laundering program and significant reporting failures," according to Fincen.

Pamrapo has agreed to pay the civil money penalty without admitting or denying the allegations.

"Information reported to Fincen can be the tip-off that triggers an investigation or provides significant support to an investigation already under way. This can only happen when a financial institution has an effective anti-money laundering program in place," James Freis, Fincen's director, said in a statement.

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