Associated Bank to pay $500K penalty

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News,Business

GREEN BAY, Wis. (AP) — Associated Bank of Green Bay will have to pay a $500,000 fine for problems found two years with its procedures for watching for money laundering.

Bank spokesman Cliff Bowers said Tuesday that the Office of the Comptroller of the Currency recently informed Associated Bank's parent company that it will assess the civil penalty.

Bowers says the fine resulted from problems laid out in a "cease and desist order" issued in 2012 directing the bank to shape up its system for monitoring financial crimes. The order was lifted in March.

The Wisconsin State Journal (http://bit.ly/1iQhVDE ) reports that Associated, the largest Wisconsin-based bank, had expected to face a civil penalty. Bowers says no additional penalties are expected.

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Information from: Wisconsin State Journal, http://www.madison.com/wsj

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