Compliance & Anti-Financial Crime
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AML, Banking, Financial Crime, North America

PENALTY: CommunityBank of Texas is fined $8M by FinCEN for willful violations of its AML regime

The CommunityBank of Texas (CBOT) has been fined $8 million for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. The bank admitted it willfully failed to implement and maintain an effective AML programme that was reasonably designed to guard against money laundering. CBOT also admitted failing to report hundreds of suspicious…

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