Metro Bank in Pennsylvania to Pay $1.5M to Settle BSA Charges

Metro Bank in Harrisburg, Pa., will pay $1.5 million to settle claims that it violated the Bank Secrecy Act.

The $2.4 billion-asset bank entered into the consent agreement with the Federal Deposit Insurance Corp. on Friday, "without admitting or denying any violations of law or regulation." The bank is a unit of Metro Bancorp (METR).

Metro had been under enforcement orders with the FDIC and Pennsylvania's banking regulator that required the company to improve oversight of is Bank Secrecy Act policies and ensure that it had appropriate staffing in place to monitor compliance. The agreement with the Pennsylvania Department of Banking was terminated in the spring and it was expected that the FDIC order would be lifted as well.