On February 20, 2025, the Office of the Comptroller of the Currency (“OCC”) announced that it reached a Formal Agreement with Connecticut-based Patriot Bank, NA to resolve an enforcement action launched to investigate possible anti-money laundering deficiencies. The OCC found that Patriot Bank engaged in “unsafe or unsound practices,” including violations related to strategic planning, capital planning, and Bank Secrecy Act/Anti-Money Laundering risk management. The Formal Agreement required the Bank to appoint a Compliance Committee by January 31, 2025, that will monitor and oversee the Bank’s compliance with the Agreement and provide the OCC with periodic updates regarding the Bank’s efforts to strengthen its AML compliance program.
OCC News Release | Formal Agreement