The Federal Deposit Insurance Corp., and the Financial Crimes Enforcement Network, has levied a $15m civil penalty upon First Bank of Delaware, for BSA and AML violations. Reportedly, the bank's assets have been sold to Bryn Mawr Trust Company, and the bank's license has been cancelled.
The regulators found that the bank had failed to implement an effective BSA/AML compliance program, with internal controls reasonably designed to detect and report evidence of money laundering, and other suspicious activities. You can read the complete text of the joint FDIC/FinCEN report here.
Amongst the transgressions found by regulators were $22m in Automatic Clearing House transactions, for a foreign-based money service business, a major customer that the bank had failed to perform any meaningful due diligence upon. There were also major issues with third-party payment processors.
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