CommunityBank of Texas (CBOT) has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network (FinCEN) regarding deficiencies in its anti-money laundering (AML) program linked to understaffing.
The order, announced Thursday, includes a $7 million civil penalty imposed by FinCEN and an additional $1 million fine by the Office of the Comptroller of the Currency (OCC) as a result of its own investigation into similar matters. Both regulators are divisions of the Department of the Treasury.
