Dated Back To 2014 For Anti-Money Laundering, Bank Secrecy Act Issues
May 19, 2020
The Bancorp, headquartered in Wilmington, Delaware, has been released from federal and state consent orders related to Bank Secrecy Act, Anti-Money Laundering, and Sanctions programs. The consent orders date back to 2014.
The bank announced in a statement, it has made “significant investments to create a sustainable [anti-money laundering] compliance management ecosystem focused on technology, people, and processes. The core capabilities of the bank’s platform [are] tailored to the unique risks and opportunities in the sponsor bank arena. As a result of the termination of the consent order, any restrictions related to growth or expansionary activities within The Bancorp’s payments businesses are immediately removed.”
Back in June 2014, the bank entered into a consent order with the Federal Deposit Insurance Corporation. At the time of the order, The Bancorp consented, “without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to weaknesses in the bank's Bank Secrecy Act ("BSA"} Compliance Program,” to the issuance of the FDIC’s consent order.
Damian Kozlowski, The Bancorp’s president and CEO, said, “Now, we can focus on empowering our payments partners by providing an industry-leading BSA/AML platform. I thank our regulators, namely the FDIC, for their close partnership and invaluable support as we worked to implement a model for other fintech sponsor banks.”
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500.