An enforcement order in place since 2009 with Amboy Bancorporation and Amboy Bank, both of Old Bridge, N.J., was terminated this June 29, the Federal Reserve Board said in a release Tuesday.
The 22-page order, signed by the bank and its holding company, the Federal Reserve Bank of New York and the New Jersey Department of Banking and Insurance, set a detailed schedule of actions to be taken by the bank to strengthen the board’s oversight and bank operations, particularly its credit operation; and measures addressing compliance with Bank Secrecy Act/anti-money laundering requirements, including customer due diligence and suspicious activity reporting requirements, and transaction monitoring.