Howard M. Beaty Jr., president and CEO of First State Bank of Crossett for the past decade, has agreed to a $35,000 fine by the Federal Deposit Insurance Corp. for failing to file required reports on suspicious activity.
The consent order that Beaty entered with the FDIC on Dec. 15 was made public Friday morning. It contains few details, saying only that Beaty was First State's Bank Secrecy Act officer between 2010 and 2012 and that he "failed to timely file suspicious activity reports as required" by federal bank regulations.
More: See the consent order.
In addition to the fine, the order imposes several other requirements on Beaty, including "[i]f he knows, suspects or has reason to suspect that a transaction involves illegal activity, report the activity to the appropriate law enforcement authorities."
He was required to provide a copy of the order to the chairman of First State's board of directors, and he's required to inform any future bank employer of the order.
Beaty was not immediately available for comment Friday morning.