The original headline is: "DOJ Announces $9.7 Million Resolution with Bank Over BSA/AML Compliance Failures"

Short summary

The DOJ settled with a community bank for $9.7M over BSA/AML compliance failures spanning 2010-2021, including inadequate controls for high-risk customers and a $6.3M check kiting scheme. The bank agreed to strengthen its AML/CFT program with enhanced documentation and escalation procedures. Financial institutions should implement clear policies on customer risk management and account closure decisions.

• •$9.7M settlement for BSA/AML violations (2010-2021)
• •Bank failed to maintain adequate controls: allowed high-risk customers, overrode compliance, enabled $6.3M check kiting
• •Remediation: enhanced AML/CFT program, clear escalation procedures, documented decision processes

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