CBW Bank fined US$20.4m for flawed AML controls and SARs not filed

Repeated violations of the USA Bank Secrecy Act (BSA) by CBW Bank, of Kansas, between December 2018 and August 2020, with some ongoing, have brought a US$20,448,000 civil penalty from the Federal Deposit Insurance Corporation (FDIC).

Repeated violations of the USA Bank Secrecy Act (BSA) by CBW Bank, of Kansas, between December 2018 and August 2020, with some ongoing, have brought a US$20,448,000 civil penalty from the Federal Deposit Insurance Corporation (FDIC).