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Old National Expects To Pay $500,000 in Penalties

Old National Bank
Old National Bank

An Evansville-based bank with branches here in the Wabash Valley says it expects to pay a $500,000 civil penalty stemming from a consent order issued last year by federal regulators.

The Office of the Comptroller of the Currency issued a consent order in June 2012 against Old National Bank saying it had identified "deficiencies in the Bank's overall program" for complying with the Bank Secrecy Act.

That act requires banks to have controls, record-keeping and reporting in place to monitor and deter money laundering and other criminal financial acts. Old National Bank says that they have new systems in place and hope to have the matter laid to rest by the end of January.