FDIC imposes a $20.4m civil money penalty on Kansas-based CBW Bank for failing to implement an adequate AML/CFT programme

The FDIC asserts that between December 2018 and August 2020, the Bank’s AML/CFT compliance program failed to address risks associated with its high-volume international banking operations. These operations included processing $27 billion in wire transfers for foreign banks in 2018 alone and facilitating bulk cash shipments from Mexico. Specific deficiencies cited by the FDIC include…