Washington Federal Bank (WaFd Bank) has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency (OCC) in February 2018.
WaFd Bank announced the development Sept. 30, noting payment of the civil penalty as a “milestone” toward resolution of its still-active order addressing anti-money laundering/Bank Secrecy Act (AML/BSA) deficiencies at the Seattle-based financial institution.
“WaFd Bank is committed to building and maintaining an effective AML/BSA program and appreciates the opportunity to continue working with the OCC to achieve that goal,” said WaFd Bank President and CEO Brent Beardall in a press release.
In its 2018 consent order, the OCC faulted WaFd Bank for failing to adopt and implement an adequate AML/BSA compliance program. Improvements ordered included the formation and maintenance of a three-person compliance committee; appointment of a BSA officer; and enhancements in the areas of risk assessments, suspicious activity monitoring, and customer due diligence.
WaFd Bank has 219 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, and Texas. It is a subsidiary of bank holding company Washington Federal.
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