The Financial Crimes Enforcement Network said it was assessing Foster Bank of Chicago a $2 million civil money penalty for Bank Secrecy Act compliance problems.
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The $428 million-asset bank was cited for improper independent testing and a failure to file suspicious-activity reports on at least 12 occasions, as well as a failure to file all relevant information on its SARs, the agency said Thursday.
Fincen also said that the Foster Bankshares Inc. unit improperly exempted two customers from currency transaction reporting requirements and failed to file at least 379 reports in a timely manner for another customer.
Foster agreed to pay the penalty without admitting or denying Fincen's charges.
