The Bancorp freed from 2014 consent order tied to BSA compliance
The Bancorp in Wilmington, Del., has been freed from a six-year-old regulatory order.
The $5.5 billion-asset company said in a press release Monday that the Federal Deposit Insurance Corp. had released it from a 2014 consent order tied to its bank’s Secrecy Act and anti-money laundering programs.
Delaware’s Office of State Bank Commissioner concurred with the FDIC.
The order required the company to revise its program and implement more policies and procedures for suspicious activity monitoring and reporting. The company reviewed past account activity to determine whether suspicious activity was properly identified and reported. It also had to establish an independent testing program.
The Bancorp said it has made “significant investments” in its AML compliance management system, with a focus on technology, staffing and processes. The company said that, with the order lifted, all restrictions to expanding its payments business have been lifted.
“The Bancorp is positioned to deliver a highly-scalable infrastructure that supports rapid-growth companies as we continue to reinvent the financial landscape with our partners,” Greg Garry, the company’s chief operating officer, said in the release.
“Our integrated technology allows our partners to flourish without concerns about out-growing their supporting financial institution,” Garry added.