April 19 2016
CommerceWest Bank has violated U.S. money laundering laws and agreed to improve its board oversight and reporting of suspicious activity, the Federal Reserve said on Tuesday. The Irvine, California-based bank did not immediately return requests seeking comment.
The bank, which serves businesses throughout southern California, has also agreed to fix deficient due diligence on customer accounts and review transactions from Sept. 1, 2014, to March 31, 2015, the Fed said in a statement. CommerceWest is required by U.S. and state regulators to show how it would comply with rules on reporting transactions of more than $10,000 by one person on one business day, the Fed said. CommerceWest had total assets of $528.74 million as of Dec. 31, according to the Federal Deposit Insurance Corp
website.