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Weekly Roundup: FDIC Orders Bank to Drop MSB Accounts, EU Imposes Syrian Sanctions, and More
printTwo banks were dinged in consent orders Friday by the Federal Deposit Insurance Corp. for Bank Secrecy Act (BSA) violations. The agency ordered Quincy, IL-based Mercantile Bank to end its business with all money transmitters and currency businesses that provide brokerage, sale or exchange services involving non-U.S. currency to deposit customers. The bank must also establish due diligence and customer identification program procedures, under the order, which also forbade the bank from entering any new lines of business. More The regulator separately ordered Plaza Bank to establish internal controls to monitor transactions, provide proper training to employees and appoint a...
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