CommunityOne Bank agreed to pay $400,000 toward restitution to victims of a ponzi scheme that operated through accounts maintained at the bank. Federal authorities say CommunityOne failed to file suspicious activity reports and maintain an effective AML program. Bank CEO Brian Simpson: “It’s an issue that the entire industry needs to recognize” Bank Secrecy Act applies to more than just drug and terrorist financing, U.S. Attorney says. Some experts say leniency may not be so leniency, but others say banks and credit unions may differ on how they view AML shortcomings.”]
Source: https://www.bankinfosecurity.com/community-bank-pays-hefty-bsa-penalty-a-6149