Illinois Bank Hit for BSA Deficiencies
FDIC's most recent list of enforcement actions includes a consent order filed against Security Bank, S.B. of Springfield, Illinois, for inadequacies in its Bank Secrecy Act practices. The laundry list of things to fix includes: 1) a compliant BSA program document; 2) a system of internal controls to ensure BSA compliance; 3) designating somebody to be in charge of compliance; 4) implementing a customer due diligence plan; 5) monitoring account transactions for suspicious activity; 6) conduct a one-year look-back project; 7) put qualified BSA management in place; 8) implement a BSA training program; 9) correct its identified violations. And those were just the highlights. [7/31/20]
