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| NASB > SEC Filings for NASB > Form 8-K on 6-Feb-2013 | All Recent SEC Filings |
6-Feb-2013
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On February 1, 2013, the Board of Directors (the "Board") of North American Savings Bank, F.S.B. (the "Bank"), a wholly owned subsidiary of NASB Financial, Inc. (the "Company") signed a Consent Order with the Office of the Comptroller of the Currency, the Bank's primary regulator ("OCC"), effective as of that date. This Consent Order requires the Bank to take corrective action to enhance its program for compliance with the Bank Secrecy Act ("BSA") and other anti-money laundering requirements.
The Consent Order requires, among other things, that the Bank improve its processes to better identify and monitor accounts and transactions that pose a greater than normal risk for compliance with the BSA. The Consent Order also requires the Bank to maintain an effective risk assessment process, monitoring mechanisms, training programs and appropriate systems to review the activities of customer accounts.
The Agreement will remain in effect until terminated, modified or suspended by OCC. The Bank's Management and Board of Directors have expressed their full intention and ability to comply with all parts of the Consent Order.
The foregoing summary description of the Consent Order is qualified in its entirety by reference to the full text of the agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
(d) Exhibits.
10.1 Consent Order dated as of February 1, 2013, between the Board of Directors of North American Savings Bank, F.S.B. and the Office of Comptroller of the Currency.
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