Chicago Bank’s BSA Deficiencies Lands it on FDIC Naughty List
The FDIC's April 2020 naughty list (list of enforcement actions) included a consent order against International Bank of Chicago, which was ordered to develop a written BSA compliance program, update its customer due diligence program, improve the administration of its foreign correspondent accounts, implement account transaction monitoring, institute a look-back project dating back approximately two years, put in place a BSA training program, establish independent BSA review, and develop an OFAC program. Rough day at the BSA office. [6/3/2020]