trending Market Intelligence /marketintelligence/en/news-insights/trending/QYA9p96xIuklB8lBtzqpVA2 content esgSubNav
In This List

FDIC fines The Bancorp unit $7.5M for Bank Secrecy Act-related violations

Blog

Managed Services Insights: The client lifecycle management solution

Blog

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Blog

Banking Essentials Newsletter: May 15th Edition

Blog

Data Insights: Enhancing regulatory compliance and client lifecycle management.


FDIC fines The Bancorp unit $7.5M for Bank Secrecy Act-related violations

The Federal Deposit Insurance Corp. issued an order to pay a $7.5 million civil money penalty against The Bancorp Inc.'s bank unit, Bancorp Bank, for Bank Secrecy Act-related violations.

The bank paid the penalty without admitting or denying any violations of law, regulation or the provisions of the 2014 Consent Order.

On Dec. 19, the FDIC issued an order of termination, after the bank met all requirements needed by the regulator including remedying any incorrectly charged fees due to an internal programming system glitch at one of the bank's third-party payment processors.

The company expects to recognize a related expense of $7.5 million in the fourth quarter.