FDIC and DFI Consent Order for Choice Financial Group
The file provides details on the Consent Order issued by the FDIC and DFI to Choice Financial Group. It outlines the Bank's violations, the required improvements to its AML/CFT program, and compliance measures. The document includes specific instructions for the Board and Compliance Committee.
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How do I fill this out?
To fill out this form, ensure you have all necessary information regarding the Bank’s AML/CFT program. Follow the instructions provided in each section carefully. Make sure to review and approve all details before submission.
How to fill out the FDIC and DFI Consent Order for Choice Financial Group?
1
Review the Consent Order thoroughly to understand the requirements.
2
Gather all necessary information and documents related to the Bank’s AML/CFT program.
3
Fill out each section of the form according to the provided instructions.
4
Ensure that all details are accurate and complete.
5
Submit the completed form for review and approval by the Board.
Who needs the FDIC and DFI Consent Order for Choice Financial Group?
1
Bank's Board of Directors needs this form to comply with the FDIC and DFI requirements.
2
Compliance officers need to document and oversee the Bank’s AML/CFT program.
3
Legal teams may use this form to ensure adherence to regulations.
4
Auditors need to review the Bank’s compliance with the Consent Order.
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Financial institutions may reference this form for compliance and policy-making purposes.
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What are the instructions for submitting this form?
Submit the completed Consent Order form to the FDIC and DFI as instructed. You may send the form via email to regulatory@fdic.gov or compliance@northdakota.gov. Alternatively, you can fax it to (202) 898-3838 or mail it to: Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, D.C. 20429. Ensure all sections are filled out accurately and reviewed by the Board before submission. My advice: Double-check all details for accuracy, and keep a copy of the submitted form for your records.
What are the important dates for this form in 2024 and 2025?
Important dates for 2024 and 2025 would include deadlines for monthly Board meetings, submission of revised AML/CFT Program within 60 days of the ORDER effective date, and the establishment of the AML/CFT Compliance Committee within 30 days.
What is the purpose of this form?
The purpose of this form is to outline the FDIC and DFI's Consent Order issued to Choice Financial Group for violations of the Bank Secrecy Act. This document mandates specific compliance measures, including improvements to the Bank’s AML/CFT program. It serves as a crucial tool for the Board of Directors and Compliance Committee to ensure adherence to regulatory requirements and mitigate risks associated with money laundering and terrorist financing.
Tell me about this form and its components and fields line-by-line.
- 1. Board Supervision: Details the responsibilities and requirements for the Board in overseeing the Bank's AML/CFT program.
- 2. AML/CFT Compliance Committee: Outlines the creation, composition, and responsibilities of the AML/CFT Compliance Committee.
- 3. AML/CFT Program: Specifies the requirements for the Bank's written AML/CFT program, including policies and procedures.
What happens if I fail to submit this form?
Failure to submit this form can result in regulatory actions and penalties. Non-compliance with the Consent Order can lead to increased scrutiny and potential legal consequences.
- Regulatory Actions: The Bank may face additional regulatory actions for failing to comply with the Consent Order.
- Penalties: Non-compliance can result in financial penalties imposed by the FDIC and DFI.
- Increased Scrutiny: Failure to adhere to the Consent Order can lead to increased regulatory scrutiny and oversight.
How do I know when to use this form?
- 1. Compliance Documentation: This form is used to document compliance with the Consent Order and the Bank Secrecy Act.
- 2. Regulatory Reporting: Use this form for reporting to the FDIC and DFI as required by the Consent Order.
- 3. AML/CFT Program Review: This form is necessary for reviewing and updating the Bank’s AML/CFT program.
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