WASHINGTON — Regulators slapped Pamrapo Savings Bank with a $5 million penalty on Monday after the bank didn't take steps to meet federal rules aimed at preventing money laundering.

The Office of Thrift Supervision said Bayonne, N.J.-based Pamrapo had previously been identified by regulators as having "ineffective programs to prevent money laundering" and file required reports with federal agencies. The bank, whose holding company is Pamrapo Bancorp Inc. (PBCI), had been subject to a cease-and-desist order with the OTS since September 2008.

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