Old National Bank Enters AML Consent Order

WASHINGTON – Old National Bank (ONB) of Evansville, Ind., has entered into a consent order with federal regulators for alleged deficiencies in its anti-money laundering program.

Old National, which has assets of around $8 billion and operates in Indiana, Illinois and Kentucky, disclosed the agreement Friday in a regulatory filing.

The order with the Office of the Comptroller of the Currency requires Old National to implement an institution-wide assessment of its Bank Secrecy Act/anti-money laundering risks; ensure adherence to a written program for identifying, analyzing and monitoring transactions with elevated risk; and maintain an independent compliance testing function, among other steps.

The bank, which neither admitted nor denied the OCC's findings, stated that it has made major improvements since the identification of the deficiencies roughly 16 months ago. Old National listed the hiring of key employees and the installation of a new transaction monitoring system as among those improvements.

Although the consent order was disclosed Friday, it was entered on June 4. Since then, Old National has announced the appointment of Randall Shepard, a former chief justice of the Indiana Supreme Court, to its board.