Banesco USA said Friday that it has agreed to a consent order with the Federal Deposit Insurance Corp., dealing with control, staffing and administrative deficiencies in its Bank Secrecy Act program. The bank said it has already addressed many of the issues to meet the requirements of the order.
Banesco USA grew rapidly over the past two years, including the purchase of Security Bank from the FDIC. But the bank said its policies and procedures on the Bank Secrecy Act and Anti-Money Laudering did not keep pace with the volume of work generated by the rapid growth. Banesco USA had $806 million in assets at Sept. 30.
The bank said it signed the FDIC Order without admitting or denying fault.