On June 3rd, the Financial Crimes Enforcement Network announced the assessment of a $1 million civil money penalty against Pamrapo Savings Bank, S.L.A. for violating Bank Secrecy Act requirements. Pamrapo lacked internal controls, had unqualified BSA compliance personnel, relatively non-existent training, and deficient independent testing. As a result, it failed to file a substantial number of currency transaction and suspicious activity reports in an accurate and timely manner. Pamrapo, without admitting or denying the allegations, consented to payment of the civil money penalty. FinCEN Press Release.