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FDIC Cites Tennessee Bank for ‘Ineffective’ AML Program, CTR Exemptions
By Brian Monroe
printA Tennessee bank must improve the way it exempts customers from anti-money laundering reporting requirements and enlist the aid of independent consultants "to shore up deficiencies in compliance training, customer risk assessments and independent testing," according to a regulatory order. Manchester-based Coffee County Bank engaged in unsafe and unsound banking practices in a wide range of AML areas, particularly with regard to how it approved client exemptions from the $10,000 customer transaction reporting (CTR) requirements, according to the Federal Deposit Insurance Corporation (FDIC) cease and desist order released June 26. The 11-page order requires the bank to provide "adequate supervision...
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