Brighton Bank in Brighton, Tenn., entered into a consent order with the Federal Deposit Insurance Corp. that requires the bank to overhaul compliance with the Bank Secrecy Act and anti-money-laundering laws.
The Nov. 30 order comes after the FDIC identified compliance shortcomings and mandates at the $51.4 million-asset bank. Brighton must hire a BSA officer, have a designated BSA/AML team, enhance IT audits and train its staff in BSA/AML requirements, among other things.
The bank must develop and implement a written action plan for addressing its issues.
A group that attempted to open a de novo bank in North Carolina agreed in 2020 to buy a controlling stake in Brighton Bancorp for an undisclosed amount of cash.