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Fed issues cease and desist order to United Bank of El Paso del Norte

The Federal Reserve Board of Governors and the Texas Department of Banking issued a cease and desist order to El Paso, Texas-based United Bank of El Paso del Norte, effective Dec. 30, 2019.

The most recent examination conducted by the Federal Reserve Bank of Dallas and the Texas Department of Banking identified significant deficiencies in the bank's risk management and compliance with anti-money laundering regulations. The order requires United Bank of El Paso del Norte to submit a written plan, approved by the bank's board, to strengthen oversight of the bank's compliance with the Bank Secrecy Act and anti-money laundering requirements; an enhanced written anti-money laundering compliance program; a written revised customer due diligence program; and a written enhanced suspicious activity monitoring and reporting program within 60 days of the order.

The order also requires the bank's board to submit written progress reports detailing all actions taken to secure compliance with the order and the results thereof to the Dallas Fed and Texas Department of Banking within 30 days after the end of each calendar quarter following the date of the order.