Skip to content

NJ bank director and BSA officer pay for BSA violations

Newark, NJ
Fine Amount: 
Issued by: 

The OCC has issued consent orders to David Monegro, former SVP and senior compliance and BSA officer, and Alfonso Carney Jr., former director, of City National Bank of New Jersey (Newark, NJ) related to the bank's inadequate BSA/AML compliance program during a period in which the bank's board allowed the bank's risk profile to increase while the bank's management recruited high-risk businesses as clients. The Bank’s BSA program was critically deficient, failed to appropriately monitor for and report suspicious activity, and did not include a due diligence program reasonably designed to enable the Bank to detect suspected money laundering by foreign financial institutions.

Monegro was ordered to pay a $25,000 civil money penalty, and has been barred from the industry by a prohibition order.

Carney was assessed a $14,000 civil money penalty.

Penalties View All

Search Penalties