Royal Business Bank enters FDIC/DFPI consent order for BSA/AML deficiencies

RBB Bancorp

Consent order requires enhancements to AML/CFT program, staffing, internal controls, and SAR filing.
Bank neither admitted nor denied charges; no civil money penalty or capital requirement imposed.
Bank had already hired Deputy CRO/Senior BSA Officer and engaged consultants before order.
Expenses for remediation not expected to have material impact on financial position or results.
Order does not preclude future fines or restrictions; bank may incur additional compliance costs.

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