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FinCEN Issues $1 Million Fine Against Troubled New Jersey Bank Penalized in March
By Brian Monroe
printThe U.S. Treasury Department levied a $1 million fine Thursday for Bank Secrecy Act violations against a New Jersey bank that paid $5 million in March for related compliance problems. Officials at Pamrapo Savings Bank showed "flagrant and repeated disregard in addressing even the most basic" Bank Secrecy Act (BSA) controls, the department's Financial Crimes Enforcement Network (FinCEN) said in an 8-page penalty assessment. The bureau also cited a lack of internal controls, training and qualified compliance staff. The enforcement action is the third admonition against the Bayonne, NJ-based bank for anti-money laundering troubles in the past three years, and...
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