United Bank Employee Embezzlement Consent Prohibition

The Federal Reserve Board announced a consent prohibition enforcement action against Mollie Morrow, a former employee of United Bank in Fairfax, Virginia. The action was issued for embezzlement of bank funds. The prohibition prevents Morrow from participating in the conduct of affairs of any bank or other institution specified in 12 U.S.C. 1818(e)(2)(A).

Banks should use this enforcement action to reinforce internal controls and fraud detection mechanisms. Compliance teams should review employee access controls, segregation of duties, and transaction monitoring systems to identify and prevent potential embezzlement schemes. The full enforcement action details are available in the attachment (PDF) linked from the press release.