CBTX Inc. in Houston is working through a formal agreement from the Office of the Comptroller of the Currency to improve its bank’s compliance with the Bank Secrecy Act and anti-money-laundering laws.
The $3.4 billion-asset company disclosed in a regulatory filing Friday that CommunityBank of Texas entered into the agreement earlier in the week.
It requires the bank to establish a committee to oversee compliance with the agreement and ensure that its BSA staff has sufficient authority and resources to fulfill its responsibilities. The bank must develop, implement and adhere to a written program of policies and procedures for BSA compliance.
The bank is also required to adopt a BSA audit program and develop a training program for “all appropriate bank employees,” the filing said.
“The bank’s board … and management are committed to taking the necessary actions to fully address the provisions of the agreement within the timeframes identified,” the filing added.
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June 20, 2020 at 04:16AM
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OCC, Texas bank enter into formal agreement tied to BSA compliance - American Banker
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