• Key insight: This is the second OCC enforcement action against Community Federal Savings Bank since 2020, and the 2020 order had specifically required the bank to write a strategic plan that controlled BSA/AML risk.
• What’s at stake: The BSA/AML rebuild can reach into onboarding, transaction monitoring and product timelines at the fintechs that use the bank’s rails, including Wise and Crypto.com.
• Forward look: The bank must hire two outside consultants, including a SAR look-back consultant who can recommend new suspicious-activity reports for historical transactions the bank’s automated system auto-closed.

Overview bullets generated by AI with editorial review.

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Federal bank regulators on Thursday ordered the small Queens,…