OCC Assesses $1 Million Civil Money Penalty Against CommunityBank of Texas For Violations of the Bank Secrecy Act

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $1 million civil money penalty against CommunityBank of Texas, N.A., Beaumont, Texas, for violations of the OCC’s Bank Secrecy Act regulations.

The OCC found that CommunityBank of Texas failed to adopt and implement a Bank Secrecy Act/Anti-Money Laundering system of internal controls to assure ongoing compliance with the Bank Secrecy Act and its implementing regulations. Such deficiencies resulted in CommunityBank’s failure to timely file complete suspicious activity reports for approximately $100 million of suspicious activity.

The OCC’s civil money penalty is separate from, but coordinated with, the settlement between CommunityBank and the Financial Crimes Enforcement Network (FinCEN), which is also being announced today.

The $1 million civil money penalty will be paid to the U.S. Department of the Treasury.

Related Link

• Civil Money Penalty (PDF)