Unity Bancorp in Clinton, N.J., has received a consent order requiring its bank to improve compliance with the Bank Secrecy Act and anti-money-laundering laws.
The $1.7 billion-asset company disclosed in a regulatory filing Monday that it entered into the agreement with the Federal Deposit Insurance Corp. and the Commissioner of Banking and Insurance for the State of New Jersey on July 8.
Unity said the order followed a routine safety and soundness examination that took place in October. The order requires the board to create a compliance committee, enhance its policies and procedures and increase staff training, among other things.
The company said the required improvements will cost about $1.8 million, based on quotes from third-party vendors and management’s understanding of the work required.
