Fed terminates 9-year-old enforcement action with Amboy Bancorporation, Amboy Bank (NJ)

An enforcement order in place since 2009 with Amboy Bancorporation and Amboy Bank, both of Old Bridge, N.J., was terminated this June 29, the Federal Reserve Board said in a release Tuesday.

The 22-page order, signed by the bank and its holding company, the Federal Reserve Bank of New York and the New Jersey Department of Banking and Insurance, set a detailed schedule of actions to be taken by the bank to strengthen the board’s oversight and bank operations, particularly its credit operation; and measures addressing compliance with Bank Secrecy Act/anti-money laundering requirements, including customer due diligence and suspicious activity reporting requirements, and transaction monitoring.

Federal Reserve Board announces termination of enforcement action with Amboy Bancorporation and Amboy Bank

Written agreement dated June 29, 2009 (PDF)