Law360 (October 2, 2020, 10:24 PM EDT) — The Federal Reserve Bank has levied a wide-ranging Bank Secrecy Act-related enforcement action at a Pennsylvania bank, which one expert said shows the regulator won’t hesitate to elevate and publicize widespread compliance program issues within the banks it oversees, even in turbulent economic times.
Thursday’s enforcement action against Atlantic Community Bankers Bank of Camp Hill, Pennsylvania, gives the bank 60 days to submit written plans on how it plans to address essentially all aspects of its BSA/AML and anti-money laundering compliance program.
“The message in this case is, don’t just mind your ‘P’s and Q’s,’ mind your A’s, B’s, C’s and…
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