The U.S. Office of the Comptroller of the Currency recently reached a formal agreement with the First National Bank of Pasco, a community bank in Florida, to resolve allegations that the bank engaged in “unsafe or unsound practices.” According to list of enforcement actions published by the OCC on October 16, 2025, the bank allegedly violated the Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) rules, including mandates related to board oversight, corporate governance, and violations involving “Suspicious Activity Reports and Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions.”
Under the agreement, the bank agreed to enhance its AML compliance program to include, among other things, a Compliance Committee comprised of at least three members of the Board of Directors who are not employees, officers, or controlling shareholders of the bank. The Compliance Committee will be responsible for providing periodic progress reports to the Board regarding corrective actions to be taken by bank and providing the status of those corrective actions – reports that will also be shared with the OCC’s Assistant Deputy Comptroller. To ensure the bank’s compliance with the BSA, the bank also agreed to maintain a qualified BSA Officer at all times who will provide the Board and senior management with periodic reports about the status of the bank’s BSA/AML program, compliance with the BSA, and compliance with its obligations in the OCC Agreement.
OCC News Release | Formal Agreement