BSA/AML deficiencies noted in Fed order with Montana bank

May 7, 2024 The Fed 0

First Citizens Bank of Butte, Butte, Mont., is required to bring its operations into compliance with Bank Secrecy Act (BSA) anti-money laundering (AML) rules and regulations under an agreement announced Tuesday by the Federal Reserve Board.

In the May 2 order, the Fed cited the bank for “deficiencies relating to risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering (AML) compliance, including Bank Secrecy Act (BSA)” rules and regulations set by Treasury and the Fed Board. Those include, the order states, the Fed’s Regulation H requirements for reporting suspicious activity and maintaining an adequate BSA/AML program.

Federal Reserve Board issues enforcement action with First Citizens Bank of Butte

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