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Weekly Roundup: France Criticized by EU for Not Implementing Third Directive, OTS Orders New York Bank to Fix BSA Deficiencies, and More
printU.S. bank regulators dinged two banks overseen by the Office of Thrift Supervision (OTS) for Bank Secrecy Act troubles this week. On Thursday, the Treasury Department's Financial Crimes Enforcement Network fined Bayonne, NJ-based Pamrapo Savings Bank $1 million in addition to the $5 million exacted by the OTS in March for failing to monitor tens of millions of dollars in suspicious accounts. More On Tuesday, the OTS issued a cease-and-desist order against Syracuse, NY-based Geddes Federal Savings & Loan Association for BSA issues. The thrift supervisor said that Geddes lacked an adequate risk assessment program and had poor customer identification...
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