Pennsylvania bank hit with regulatory order tied to BSA compliance
Atlantic Community Bankers Bank in Camp Hill, Pa., has received an enforcement action tied to its compliance with anti-money- laundering laws and the Bank Secrecy Act.
The order, issued on Sept. 18 by the Federal Reserve, instructs the $857 million-asset bank to take to several steps to address deficiencies. Those measures include drafting a written plan to strengthen board oversight of BSA/AML issues.
The bank will also create an enhanced compliance program run by a dedicated officer. The program will include an assessment that looks at all products and services, customers and geographic locations to determine inherent and residual risk.
The order also requires Atlantic Community to revise its customer due diligence program to explain its risk-based policies, procedures and controls. The goal is to make sure the bank collects, analyzes and retains complete, accurate and current customer data.
Atlantic Community will also submit a plan to independent test its compliance with all applicable BSA/AML requirements.
Progress reports must be submitted to the Fed within 30 days after the end of each calendar quarter.