Northern States Financial Corp. of Waukegan, Ill., said Wednesday that its $619 million-asset Bank of Waukegan has received an enforcement order from state and federal regulators concerning violations of the Bank Secrecy Act.
The memorandum of understanding from the Federal Deposit Insurance Corp. and the Illinois Department of Financial and Professional Regulation instructs the bank, one of two the holding company has, to improve its procedures for currency transaction reports and money order purchases.
It also said that Bank of Waukegan would adopt plans to reduce its risk and improve its liquidity.
The $750 million-asset Northern States disclosed the agreement in a Securities and Exchange Commission filing made Wednesday. The agreement was signed Tuesday. Northern States said it believes the order will have no material impact on its operating results, assuming all concerns are promptly addressed.
