The Federal Deposit Insurance Corporation (FDIC) has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act (BSA) related to anti-money laundering controls.

The FDIC “order to pay” against the New York-based financial institution, issued Dec. 21, 2020, was made public Jan. 29. According to the order, Apple Bank violated the BSA from April 2014 through September 2018 and further failed to comply “in a timely manner” with compliance requirements outlined in a December 2015 consent order.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...