Published: Monday, November 28, 2011, 10:12 AM    

Updated: Monday, November 28, 2011, 10:25 AM

http://www.nj.com/bergen/index.ssf/2011/11/saddle_river_valley_bank_ordered_to_up_its_anti-money_laundering_systems_by_federal_regulators.html

A Bergen County bank has been ordered to halt international wire transfers until a review is performed to ensure no money laundering occurred through the bank’s systems, according to a report from The Star-Ledger.

Saddle River Valley Bank, which operates two branches in Saddle River and Oakland, has been instructed by federal regulators to review all wire transfers and account activity going back to 2009, and to hire an independent consultant to assess security and its ability to comply with federal law.

According to documents released last week by the Office of the Comptroller of the Currency, a cease and desist order was issued in October to the bank, which was recently acquired by J. Christopher Flowers, an associate of former Gov. Jon Corzine.

The order does not allege that any money laundering occurred, but that Saddle River Valley Bank "engaged in unsafe or unsound banking practices" and failed to comply with the federal Bank Secrecy Act by not having procedures in place to reasonably prevent money laundering.