RBB Bancorp Resolves Anti-Money Laundering Deficiencies

By Stephen Nakrosis

RBB Bancorp said a consent ordered it had entered into regarding deficiencies in the bank's anti-money laundering program has been terminated.

RBB said the termination followed successful resolution of deficiencies in its Anti-Money Laundering/Countering the Financing of Terrorism compliance program.

In October of last year, RBB entered into the consent order with the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation. At that time, the bank said it did not admit or deny any charges of violating Bank Secrecy Act and its implementing regulations.

The bank at that time also said it was being proactive in addressing the items identified in the consent order, and took a number of actions, including hiring a new Deputy Chief Risk Officer/Senior BSA Officer, conducting a comprehensive review and performing a staffing analysis and expanding AML/CFT personnel.

David Morris, RBB's chief executive officer, said directors and staff worked hard to address regulators' concerns and strengthen the compliance programs.

RBB Bancorp is the parent of Royal Business Bank.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 22, 2024 18:56 ET (22:56 GMT)

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