OCC hits Michigan bank with order tied to Bank Secrecy Act compliance
Sterling Bancorp in Southfield, Mich., has been hit with a regulatory order tied to anti-money- laundering and Bank Secrecy Act compliance.
The $3.3 billion-asset company disclosed in a regulatory filing Friday that it had entered into a formal agreement with the Office of the Comptroller of the Currency in connection with “certain aspects” of its BSA and AML compliance program.
The agreement requires Sterling to enhance its policies and procedures. The company will create a compliance committee to monitor and assure compliance with the agreement. An outside firm will conduct a review of Sterling’s account and transaction activity.
Sterling will also hire a third-party vendor to conduct a model validation for its BSA and AML monitoring software.
“The bank’s board and management take the requirements of the agreement seriously, and will strive to achieve full compliance in a timely matter,” Sterling said in its filing. “The company does not believe that the agreement will have any material impact on its performance metrics, the payment of dividends, or the current share repurchase program.”