WaFd Bank to pay $2.5M civil money penalty

Washington Federal in Seattle has agreed to pay a civil money penalty tied to a consent order.

The $19.6 billion-asset company said in a press release Thursday that its bank reached an agreement with the Office of the Comptroller of the Currency to make a $2.5 million payment.

Washington Federal characterized the payment as a "milestone" as it works its way out from under the 2018 consent order. The order instructed the company to address anti-money laundering and Bank Secrecy Act deficiencies. 

“WaFd Bank is committed to building and maintaining an effective AML/BSA program and appreciates the opportunity to continue working with the OCC to achieve that goal,” Brent Beardall, the company’s president and CEO, said in the release.