Lax compliance with anti-money laundering (AML) laws have earned an El Paso, Texas, bank an enforcement action from the Federal Reserve, the agency said Thursday.
A recent examination of United Bank of El Paso del Norte by the Federal Reserve and the Texas Department of Banking, the Fed said, found “significant deficiencies in the bank’s risk management and compliance with applicable laws, rules, and regulations” relating to AML and Bank Secrecy Act (BSA) compliance.
The bank has agreed to take a number of actions (as are typical under these sorts of circumstances), including providing a written plan to strengthen the banks’ compliance with AML/BSA requirements that is acceptable to the regulators.
Federal Reserve Board issues enforcement action with United Bank of El Paso del Norte