FDIC releases May enforcement actions

Bank Regulatory Federal Issues FDIC Enforcement Anti-Money Laundering Combating the Financing of Terrorism

On June 30, the FDIC released a list of administrative enforcement actions taken against banks and individuals in May. The FDIC made public four orders including “two orders of prohibition, one consent order and combined personal consent order, and one to order to pay a civil money penalty.” Included is a cease and desist/consent order against a New York-based bank related to alleged deficiencies and weaknesses in the bank’s anti-money laundering/countering the financing of terrorism program (AML/CFT Program), among other things. Also, among other things, the FDIC required that the bank must ensure it has designated individual(s) with qualifications, who can ensure the bank’s compliance with the AML/CFT Program.