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The OCC on Sept. 24 announced a $4.1 million civil money penalty against Montclair, N.J.-based Saddle River Valley Bank for violations of the Bank Secrecy Act.
According to a news release from the regulator, the penalty comes after a cease and desist order issued in October 2011, which directed Saddle River Valley Bank to correct deficiencies in its BSA and anti-money laundering programs and required an independent review of the bank's wire and account activity for the period it held relationships with several casas de cambio. As a result of the review, Saddle River Valley Bank filed more than 190 suspicious activity reports that should have been filed earlier.
The OCC is taking the action in coordination with the Financial...