The Bancorp announces release from consent order
State of Delaware’s Office of State Bank Commissioner agreed with the FDIC in taking this action.
The Bancorp announced that the Federal Deposit Insurance Corporation (FDIC) has terminated the 2014 consent order in reference to the Bank’s Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Sanctions programs.
The State of Delaware’s Office of State Bank Commissioner agreed with the FDIC in taking this action.
The Bancorp notes that it has made significant investments to create a sustainable AML compliance management ecosystem focused on technology, people, and processes.
As a result of the termination of the consent order, any restrictions related to growth or expansionary activities within The Bancorp’s Payments businesses are immediately removed.
“Now, we can focus on empowering our payments partners by providing an industry-leading BSA/AML platform. I thank our regulators, namely the FDIC, for their close partnership and invaluable support as we worked to implement a model for other fintech sponsor banks,” says Damian Kozlowski, president and CEO.
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