The Bank Slate


Choice Financial in ND hit with consent order tied to third parties

CORRECTION: A previous version of this article identified the wrong company and the regulatory order was incorrect. The errors have been corrected.


Choice Financial Group has been hit with a consent order that is largely tied to how the Fargo, N.D., company handles third-party relationships.

The order, from the Federal Deposit Insurance Corp. and the North Dakota Department of Financial Institutions, requires Choice’s board to immediately improve oversight over the company’s anti-money laundering program.

The board must assume full responsibility for approving sound AML policies, procedures and processes when it comes to monitoring compliance with the Bank Secrecy Act.

The order addresses the company’s third-party business relationships, customer identification program, due diligence policies, and suspicious activity reporting, among other things.

Choice’s board will also have to file regular reports to its regulators updating them on its progress addressing the order.

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