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Regulators slapped Toronto-Dominion Bank's main U.S. unit with more than $52 million in fines for violating the Bank Secrecy Act and securities laws in relation to a Ponzi scheme in Florida.
September 23 -
Saddle River Valley Bank, which was bought last year by Center Bancorp, allegedly failed to adequately monitor transactions with currency exchange houses in Mexico and the Dominican Republic.
September 24 -
You would be forgiven in thinking the OCC has been solely preoccupied with JPMorgan Chase in recent days, but the agency has disciplined three other national banks since late August, according to its monthly roundup of enforcement actions.
September 23
Enforcement actions relating to anti-money laundering rules and the Bank Secrecy Act were a prominent theme in the Office of the Comptroller of the Currency's monthly round-up of orders issued from late August through September.
1st Century Bank (FTCY) in Los Angeles was ordered to strengthen its defenses against money laundering and financial crime activities in a
TD Bank (TD) in Wilmington, Del., was
The now-defunct Saddle River Valley Bank in Montclair, N.J., was ordered to pay a
Although the $120 million-asset Saddle River was acquired by Center Bancorp in Union, N.J., in 2012, Center Bancorp did not assume liabilities for the OCC's inquiry. The bank's holding company, Saddle River Valley Bancorp, is responsible for paying regulatory fines related to the casas de cambio, which come to a total of $8.2 million between the OCC, the Financial Crimes Enforcement Network and the U.S. Attorney's Office in New Jersey.
The OCC also issued other orders unrelated to Bank Secrecy Act issues. The First National Bank of Sullivan, based in Sullivan, Ill., entered into a
The $510 million-asset United Community Bank in Lawrenceburg, Ind., was ordered to pay a civil money penalty of $1,925 for violating the Flood Disaster Protection Act.
Chad Ward, vice president of Lee County Bank & Trust at Fort Madison, Iowa, was ordered to pay $2,000 for failing to allow regulators unrestricted access to the bank's records.
The OCC also terminated enforcement actions against 11 lenders: First National Banking Company in Ash Flat, Ark.; Heritage First Bank in Rome, Ga.; Mutual Federal Bank in Chicago; A.J. Smith Federal Savings Bank in Midlothian, Ill.; United Fidelity Bank in Evansville, Ind.; Mutual Federal Savings Bank in Sidney, Ohio; Valley National Bank in Tulsa, Okla.; Nextier Bank in Evans City, Pa.; Paragon National Bank in Memphis; Golden Bank in Houston; and the First National Bank of Niagara in Wisconsin.