Federal Reserve Board penalizes Evolve Bancorp for risk management and anti-money laundering violations; requires improvements.
The Federal Reserve Board has penalized Evolve Bancorp for failing to manage risk in its fintech partnerships and adhere to anti-money laundering laws. A 2023 examination of the Arkansas-based bank revealed insufficient policies in place. The Fed's enforcement action requires Evolve to improve its policies and programs, as well as make other remedial improvements. The bank is not facing a fine with this order.
June 14, 2024
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