$1.25 million Bank Secrecy Act settlement

On April 4, 2019, the Federal Deposit Insurance Corporation ordered Alma Bank, Astoria, New York to pay a civil money penalty of $1,250,000, based on a determination by the FDIC that it had reason to believe that during the period from February 2013 to April 2017, the bank violated the Bank Secrecy Act,  31 USC § 5311 et seq., 12 USC § 1829b, 12 USC §§ 1951-1959 and 12 USC § 1818(s), and its implementing regulations, 31 CFR Chapter X, 12 CFR § 326.8 and 12 CFR Part 353.  The bank had entered into a stipulation and consent with the Federal Deposit Insurance Corporation on February 26, 2019.  In approving the consent agreement, the FDIC took into consideration the appropriateness of the penalty, the gravity of the bank’s violations, and the history of previous violations by the bank.

FDIC Order