Nebraska bank fined for flood insurance violation; 12-year old action ended against Miami bank for money-laundering

A Nebraska bank must pay a $37,000 civil money penalty (CMP) for a violation of flood insurance requirements, and a Miami, Fla., institution no longer faces an enforcement action that was first applied 12 years ago, the Federal Reserve said Thursday.

In a release, the Fed said it has assessed the CMP against First State Bank Nebraska of Lincoln for violations of the Fed’s Regulation H (which implements the National Flood Insurance Act). The Fed said that First State consented to the penalty.

Meanwhile, the Fed also announced it has terminated a 2007 enforcement order against American Express Bank International (now known as Standard Chartered Bank International (Americas), Limited) of Miami. The cease-and-desist order issued 12 years ago against the bank, which offered private banking services to persons primarily living in Latin America, the Fed said, was for the bank’s failure to maintain an effective anti-money laundering (AML) program. Ultimately, the bank agreed to fix its AML program and consented to the payment of a $20 million CMP, according to Fed documents.

Federal Reserve Board issues enforcement action with First State Bank Nebraska and announces termination of enforcement action with American Express Bank International

 

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