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OTS Fines Former Bank Head $125,000 for Unaddressed BSA Problems
By Brian Monroe
printThe former head of a defunct New Jersey bank will pay $125,000 for failing to redress Bank Secrecy Act violations and disclose an asset loss to the potential buyer of a company subsidiary. The U.S. Treasury Department's Office of Thrift Supervision (OTS) said Thursday that its fine against William Campbell reflected the former chief executive officer's knowledge of compliance problems as well as his decision not to disclose an alleged $600,000 "wrongful diversion" of funds to a potential buyer of a Pamrapo Savings Bank subsidiary. Campbell, who retired in early 2009, knew of the bank's anti-money laundering (AML) compliance problems...
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