Unsafe or unsound practices related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk management and suspicious activity reporting (SAR), among other things, have led to a formal agreement between a Florida bank and the national bank regulator, the agency said Thursday.
First National Bank of Pasco, in Dade City, Fla., signed the agreement with the Office of the Comptroller of the Currency (OCC) in late September, the agency said. Under the agreement’s provisions, the bank agrees to (among other things) set up a compliance committee, adopt a plan for board oversight and corporate governance, revise its strategic plan, and review by the regulator of appointment of any senior executive officer or board members.
The bank is also required to maintain “at all times” a qualified BSA officer “vested with sufficient independence, authority, and resources to fulfill the duties and responsibilities of the position and ensure compliance with the requirements of the Bank Secrecy Act and its implementing regulations,” according to the agreement between the bank and the agency.
The bank is also required to adopt a written plan for controlling risks associated with money laundering and terrorist financing “and other illicit financial activity.” It must also “achieve and maintain” compliance with the BSA, the OCC said.
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