Hawaii's fourth-largest bank has been told to put more effort into tracking customers whose transactions seem suspicious.
State and federal regulators said Friday that Central Pacific Bank did not fully comply with federal rules aimed at stopping money laundering and the financing of terrorists.
As a result, the Federal Deposit Insurance Corp. and the Hawaii Division of Financial Institutions directed the bank to take additional steps to comply with the Bank Secrecy Act, which requires banks to report any cash transaction of $10,000 or more and any other suspicious activity. Among the suggestions was to hire additional staff to help the bank correct the problem.
Central Pacific Bank CEO Clint Arnoldus said the bank is taking the matter seriously.
"We expect to be able to fully comply with the order by midyear 2007 and will seek to have the order rescinded soon thereafter," Arnoldus said.
http://pacific.bizjournals.com/pacific/stories/2006/11/27/daily56.html
Showing posts with label Hawaii. Show all posts
Showing posts with label Hawaii. Show all posts
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