Old National Bancorp (ONB) in Evansville, Ind., will pay a $500,000 fine in the process of satisfying a regulatory order to strengthen its anti-laundering controls.
The Office of the Comptroller of the Currency has said that it will terminate a 2012 consent order with Old National's banking unit soon, the $9.7 billion-asset company said in a regulatory filing Friday. The OCC will also require Old National to pay a $500,000 civil monetary penalty in connection with the problems addressed in the consent order.
Old National expects the penalty and the termination to be formalized in January.
The OCC's June 2012 cease-and-desist order required Old National to take steps to fix deficiencies in its anti-money-laundering and Bank Secrecy Act controls. Old National had to form a compliance committee and write plans to improve its internal controls, improve its BSA/AML training and increase its scrutiny of customer transactions, among other steps.