Fulton Financial, Subsidiary Bank Sign Cease-Desist Order With Federal Reserve
By Tim Stuhldreher | |
Proquest LLC |
Staff Writer
The order requires Fulton and Lafayette to remedy "identified deficiencies" related to the federal Bank Secrecy Act, the Patriot Act and anti-money laundering regulations.
It was finalized Thursday,
It follows previous consent orders issued in July, also related to the Bank Secrecy Act and anti-money laundering precautions.
Those were issued by the Comptroller of the Currency and entered into by three
At that time,
The requirements of the new order are similar to the earlier ones, Fulton said.
It and Lafayette must review their compliance and risk management programs and take steps to enhance them.
In addition, the new order requires Fulton to engage an independent third party to review and assess its compliance program.
Lafayette, too, must engage an independent third party. It will review high-risk customer account and transaction activity in the first half of the year "to determine whether suspicious activity was property identified and reported," Fulton said.
Depending on what results from that, the Federal Reserve may order additional reviews, Fulton said.
Because
Fulton's other subsidiaries are Fulton Bank of
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Wordcount: | 316 |
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