The Office of the Comptroller of the Currency and Eastern National Bank, of Miami, Florida have entered into a Consent Order to address multiple compliance deficiencies. The Bank has had issues with regulators in the past, regarding BSA and anti-money laundering shortcomings.
The areas needing improvement specifically addressed in the Consent Order:
(1) Reqirement for a Strategic Plan.
(2) BSA Program.
(3) Suspicious Activity Reports (SARs).
(4) Historic Look-Back.
(5) Foreign Correspondent Accounts.
(6) BSA Officer appointment.
(7) OFAC program.
(8) Internal audit of BSA/AML program.
(9) EDD, especially on Wire Transfers.
Readers who wish to review the 30-page document may access the completer text of the Consent Order and Stipulation here.