CommunityOne Bank agreed to pay $400,000 toward restitution to victims of a ponzi scheme that operated through accounts maintained at the bank. Bank’s CEO: “It’s an issue that the entire industry needs to recognize” Case shows AML Woes affect institutions of all sizes, experts say. Federal prosecutors might not be so willing to show leniency to other banks, say some experts, but others say AML woes are not just a big-bank issue. In 2011, the Department of Justice cited CommunityOne for failure to file suspicious activity reports and maintain effective AML program.”]
Source: https://www.cuinfosecurity.com/community-bank-pays-hefty-bsa-penalty-a-6149