The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Axiom in Fla. hit with formal agreement tied to BSA, third-party oversight

Axiom Bank entered into a formal agreement with the Office of the Comptroller of the Currency that flagged the Maitland, Fla., bank for unsafe or unsound practices tied to the Bank Secrecy Act, anti-money laundering compliance and third-party management.

The OCC required the $850 million-asset bank to form a compliance committee with at least three members where a majority are directors who are not bank employees or officers.

The bank must also provide the OCC with a written plan to address BSA and AML shortcomings. The plan must include procedures to address BSA/AML risks tied to third parties.

The agreement also requires Axiom’s board to adopt a written suspicious activity monitoring and reporting program “to ensure the timely and appropriate identification, review and disposition of unusual activity.” The board is also required to adopt a written BSA/AML training program.

Leave a Reply

Your email address will not be published. Required fields are marked *