Fintech service provider Evolve cited by US Fed over anti-money laundering compliance deficiencies
( June 14, 2024, 15:23 GMT | Official Statement) -- MLex Summary: The Federal Reserve Board issued an enforcement action against Evolve Bancorp Inc. and Evolve Bank & Trust, both of West Memphis, Arkansas, for deficiencies in the bank's anti-money laundering, risk management and consumer compliance programs. Examinations conducted in 2023 found that Evolve engaged in unsafe and unsound banking practices by failing to have in place an effective risk management framework for its partnerships with financial technology companies.Statement and order follow below:...
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