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New Jersey Bank Ordered to Pay $5 Million for Willful BSA Violations

By Brian Monroe

A federal court fined a north New Jersey bank $5 million Monday for willfully violating the Bank Secrecy Act in an attempt to disguise $35 million in suspicious transactions, including $5 million in structured deposits. Officials at Bayonne, NJ-based Pamrapo Savings Bank allowed co-conspirators to draw on 586 checks worth a total of $3.2 million and payable to "cash" in amounts under the $10,000 federal reporting threshold, according to statement by the U.S. Justice Department. The bank failed to file suspicious transaction reports on any of the checks, the department said. The violations "generally" occurred between 2005 and 2007 and...

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