Atlantic Community Bankers Bank, Camp Hill, Pa., is required under a written agreement executed Monday with the Federal Reserve Bank of Philadelphia to strengthen its compliance with Bank Secrecy Act/anti-money laundering (BSA/AML) requirements and requirements of Treasury’s Office of Foreign Assets Control (OFAC).
The agreement says the bank’s most recent examination by the Philadelphia Fed “identified deficiencies in the Bank’s compliance with applicable laws, rules, and regulations relating to anti-money laundering,” including the BSA, Treasury rules under BSA and the AML requirements of the Federal Reserve Board’s Regulation H, and OFAC regulations.
The order calls for, among other things, a written plan to to strengthen board oversight; an enhanced written BSA/AML compliance program; a written revised customer due diligence program; a written enhanced program to reasonably ensure the identification and timely, accurate, and complete reporting of all known or suspected violations of law or suspicious transactions to law enforcement and supervisory authorities; third-party validation of the bank’s transaction monitoring system; independent compliance testing.
Federal Reserve Board issues enforcement action with Atlantic Community Bankers Bank