Citizens Bank & Trust Company of Vivian, imposing a penalty of USD 240 million for non-compliance with the Bank Secrecy Act (BSA).
To know more, click here https://www.fcctimes.com/2023/09/19/fdic-and-louisiana-ofi-secure-consent-order-with-citizens-bank-trust-company-of-vivian-for-bsa-compliance/
The order encompasses the following deficiencies:
- Violation of the Bank Secrecy Act and its Regulations
- Delays in sharing information related to transaction activity
- Deficiencies in the AML (Anti-Money Laundering) program and due diligence for customers
- Failure to conduct a comprehensive risk assessment
Furthermore, the order outlines areas for improvement, which include:
- Customized training to enhance understanding and compliance with the BSA
- Ensuring that suspicious activity reports comprehensively cover all business lines and are accurate
- Employing a sufficient number of qualified staff for the BSA Department
- Conducting thorough risk assessments to identify issues and problems across all products, services, customers, business lines, locations, staffing levels, mitigating controls, and identified BSA concerns.
