Regulators continue to make Bank Secrecy Act compliance one of their top priorities, according to newly available information on enforcement actions.
The Federal Deposit Insurance Corp. issued consent orders that require Sunstate Bank in Miami and The Bank of Princeton in New Jersey to assess their vulnerability to money laundering and financial terrorism, improve internal controls, expand due diligence policies and procedures and strengthen compliance training, according to the agency's roundup of enforcement actions in January.
Meanwhile, the FDIC also issued a consent order against Valley Bank in Moline, Ill., which replaced a previous cease-and-desist order. Valley Bank was ordered to improve management, add at least two independent directors, reduce delinquencies and troubled loans and establish plans that address profitability, strategy and liquidity. The bank was also ordered to maintain a minimum 9% Tier 1 leverage ratio and a minimum 12% total risk-based capital ratio. Valley Bank had a 3.36% Tier 1 leverage ratio and a 6.21% total risk-based capital ratio as of Dec. 31, according to FDIC data.
The FDIC terminated enforcement actions against Capmark Bank in Midvale, Utah; Northpointe Bank in Grand Rapids, Mich.; Patriot Bank in Houston, Texas; Community Bank-Wheaton/Glen Ellyn in Glen Ellyn, Ill.; Mid America Bank in Janesville, Wis.; United Bank and Trust Company in Versailles, Ky., Signature Bank in Bad Axe, Mich.; InSouth Bank in Brownsville, Tenn.; D'Hanis State Bank in Texas; SouthernTrust Bank in Goreville, Ill.; Kaw Valley Bank in Topeka, Kan.; and Oxford Bank in Oxford, Mich.