Evolve Bank ordered by Fed to address AML, sanctions lapses


The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology (fintech) companies to correct deficiencies in its anti-money laundering (AML), sanctions, risk management, and consumer compliance programs.

Evolve Bank & Trust engaged in unsafe and unsound business practices related to third-party fintech companies it partnered with, the Fed said Friday in a press release.

One of the third parties connected with Evolve was software-as-a-service platform Synapse, which filed for bankruptcy in May. Evolve responded to Synapse’s bankruptcy at the time in a press release.

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