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Bank of Morton ordered to pay $600,000 for BSA violations

Morton, MS
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The FDIC issued a Consent Order assessing a civil money penalty of $600,000 against Bank of Morton, Morton, MS, after a finding, which the bank neither admits nor denies, that the bank violated the Bank Secrecy Act (BSA), 31 U.S.C. § 5311 et seq., 12 U.S.C. §§ 1829b, 1951-1960 and implementing regulations, 31 C.F.R Chapter X, and 12 U.S.C. § 1818(s) and its implementing regulations, 12 C.F.R. §§ 326.8 (Bank Secrecy Act Compliance) and 353 (Suspicious Activity Reports), and failed to comply with the requirements of the FDIC’s June 30, 2020 Consent Order.

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