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Fed orders Texas-based Commercial State Bank to strengthen BSA/AML program

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Fed orders Texas-based Commercial State Bank to strengthen BSA/AML program

The Federal Reserve Bank of Dallas and the Texas Department of Banking found Andrews, Texas-based Commercial State Bank to have significant deficiencies in its Bank Secrecy Act/Anti-Money Laundering program and ordered it to correct its deficiencies.

Pursuant to the consent order dated Dec. 26, 2018, Commercial State Bank has 60 days to submit plans on how the company will strengthen board oversight of BSA/AML compliance requirements, and how it will enhance its BSA/AML program, customer due diligence, suspicious activity monitoring and reporting, transaction monitoring system, and independent testing of BSA/AML compliance requirements, among other stipulations.

Commercial State Bank is not allowed to amend its approved plans without consent from the regulators.