-
East West Bancorp has been placed under an enforcement action for anti-money-laundering compliance weaknesses, as it continues a plan to spend an estimated total of $12 million on program upgrades.
November 12 - Minnesota
U.S. Bancorp has been hit with a consent order regarding deficiencies in its anti-money laundering compliance program.
November 6 -
Regulators have ordered Fulton Financial (FULT) in Lancaster, Pa., to strengthen its Bank Secrecy Act and anti-money laundering controls.
July 18
Peoples Bancorp of North Carolina in Newton has been hit with an enforcement action related to its compliance with anti-money-laundering laws.
The $1 billion-asset company was issued the consent order by the Federal Deposit Insurance Corp. and the North Carolina Office of the Commissioner of Banks. The order requires Peoples to: strengthen its board's oversight of Bank Secrecy Act compliance; adopt a new AML/BSA compliance program; appoint a qualified BSA officer; complete a BSA risk assessment; and take additional steps.
The regulators did not disclose in the consent order their specific concerns with Peoples Bancorp's compliance. The consent order was issued Aug. 31, and it was made public in Peoples'
"The bank continues to make progress in addressing the issues identified in the order and expects that it will be able to undertake and implement all required actions within the time period specified," Peoples Bancorp said in the 10-Q.
Peoples Bancorp, the parent of Peoples Bank, said it will be restricted from making acquisitions, paying dividends and making other strategic moves until the consent order is lifted.