Gainesville-based Florida Citizens Bank must enact new procedures to detect and report suspicious account activity in order to comply with federal and state regulations as the result of a routine bank examination.
The Federal Deposit Insurance Corp. and Florida Office of Financial Regulation issued a consent order April 20 after the bank board of directors agreed to new procedures April 12. The FDIC announced the consent order Friday.The bank must enact new policies and procedures to detect and report high-risk and suspicious activities to comply with the Bank Secrecy Act of 1970 that requires banks to assist federal agencies to prevent money laundering, tax evasion and other criminal activities.Florida Citizens must monitor and report wire transfers or cash deposits of significant amounts, said Gainesville lawyer James Quincey, the bank’s board chairman.
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