Peoples Bank agreed to a consent order with the Federal Deposit Insurance Corp. and the Indiana Department of Financial Institutions that alleges “unsafe and unsound banking practices” with regard to the Bank Security Act, a federal law that requires banks to report suspicious transactions that could be signs of money laundering.
Munster-based Finward Bancorp, the parent company of Peoples Bank, entered into the consent order without "admitting or denying the charges of unsafe or unsound banking practices and violations of law or regulation relating to the Bank Secrecy Act," according to the FDIC's order.
"Following a routine regulatory exam in March, Peoples Bank was cited for a violation related to BSA guidelines," Peoples Bank Senior Vice President and Director of Marketing Sarah Ricciardi said. "The violation was identified by the bank during an audit prior to the examination. Because we were able to identify these issues, the bank proactively began correcting them and began implementing new systems and processes to prevent future reporting errors."
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The Bank Secrecy Act was passed in 1970, setting forth recordkeeping and reporting requirements for financial institutions. It requires banks to help the federal government detect and prevent money laundering, tax evasion or any other illegal activities. It requires that banks report large cash transactions, more than $10,000 in cash transactions in a single day and other suspicious activities.
The consent order mandates that Peoples Bank accurately and properly files all BSA reports, strengthen board oversight, develop new internal controls and retain management that's qualified to oversee its compliance program. The bank must develop, adopt and implement a new Bank Secrecy Act compliance program, a new revised suspicious activity reporting program and a new Bank Secrecy Act Training Program.
The order will remain in effect and binding as long as the FDIC and Indiana Department of Financial Institutions decide to keep it in place, according to the FDIC's order.
Peoples Bank has more than 20 branches across Northwest Indiana and the greater Chicago area, operating in both Indiana and Illinois.
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Peoples Bank enters consent order with Federal Deposit Insurance Corp. - The Times of Northwest Indiana
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