A Dallas, Texas, bank that converted from state to federal charter this May is under a consent cease-and-desist order over previous findings of “significant deficiencies” related to risk management and compliance with anti-money laundering (AML) rules and laws, including the Bank Secrecy Act (BSA).
The order released Thursday by the Office of the Comptroller of the Currency (OCC), says United Texas Bank was a state-chartered bank in 2024 when it consented to an order with the Federal Reserve Bank of Dallas and Texas’ banking department over the above-noted deficiencies.
The bank last November filed application with the OCC to convert to a national bank charter, and the OCC approved the application this May 15 “subject to the condition that the Bank, upon consummation of the conversion to a national chartered institution, enter into a consent order incorporating corrective actions required in the 2024 Order addressing the Bank’s BSA violations.”
Also released Thursday was a consent prohibition order against Ezekiel Dorsey, a former lead associate for operations at JPMorgan Chase Bank (Columbus, Ohio). The order says Dorsey, between October and December 2023, stole about $120,000 from the bank while servicing the ATMs, hiding his theft “by transferring the money outside of view of Bank cameras.”
The OCC also released four terminations of previous orders.
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