Brief: RBB Bancorp Says Effective Oct 25, Royal Business Bank Got Into Stipulation With Fdic & Dfpi

RBB BANCORP

31/10/2023 10:54

Oct 31 (Reuters) - RBB Bancorp  RBB.O :
    * RBB BANCORP - EFFECTIVE OCT 25, ROYAL BUSINESS BANK GOT
INTO
STIPULATION WITH FDIC & DFPI
    * RBB BANCORP:STIPULATION FOR CONSENTING TO ISSUE OF CONSENT
ORDER
FOR BANK'S ANTI-MONEY LAUNDERING/COUNTERING FINANCING OF
TERRORISM COMPLIANCE PROGRAM
    * RBB BANCORP - BANK DID NOT ADMIT OR DENY ANY CHARGES OF
VIOLATING BANK SECRECY ACT AND ITS IMPLEMENTING REGULATIONS
    * RBB BANCORP - BANK IS REQUIRED TO MAKE CERTAIN
ENHANCEMENTS AND
TAKE CERTAIN ACTIONS WITH RESPECT TO ITS AML/CFT COMPLIANCE
PROGRAM
    * RBB BANCORP - ACTIONS INCLUDE ENHANCING PERSONNEL WITH
OVERSIGHT
RESPONSIBILITIES WITH RESPECT TO BANK'S AML/CFT COMPLIANCE
PROGRAM
    * RBB BANCORP - ACTIONS INCLUDE ENHANCING EXISTING AML/CFT
POLICIES AND PRACTICES, INTERNAL CONTROLS, CUSTOMER DUE
DILIGENCE, AND TRAINING PROGRAMS
    * RBB BANCORP - ACTIONS INCLUDE ESTABLISHING INDEPENDENT
TESTING
PROGRAM TO ANALYZE AND ASSESS BANK'S BSA DEPARTMENT
    * RBB BANCORP:ORDER REQUIRES BANK TO CORRECT ALLEGED
VIOLATIONS OF
BSA PROGRAM, LIKE INTERNAL CONTROLS,TIMING OF FILING OF 1
SUSPICIOUS ACTIVITY REPORT
    * RBB BANCORP - ORDER DOES NOT REQUIRE BANK TO PAY ANY CIVIL
MONEY
PENALTY, REQUIRE ADDITIONAL CAPITAL, INCREASE LIQUIDITY, IMPROVE
ASSET QUALITY

Further company coverage:  RBB.O 

 ((Reuters.Briefs@thomsonreuters.com;))