Putnam County Bank in Hurricane, W.Va., is free of a four-year-old regulatory agreement that required it to strengthen its anti-money-laundering procedures.
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The Federal Reserve Board announced last week that it has terminated its enforcement action against the $465 million-asset unit of Putnam Bancshares Inc.
The bank had been operating under an agreement with the regulator since November 2003. It had to improve procedures for complying with the Bank Secrecy Act, including adopting an effective system for record keeping and reporting suspicious transactions.
