Regulatory Alerts2005-10-12 | 2005-03Added
Assessment of Civil Money Penalty Against Banco de Chile-New York and Banco de Chile-Miami
The Financial Crimes Enforcement Network assesses a civil money penalty of $3,000,000 against Banco de Chile for violations of the Bank Secrecy Act by its New York and Miami branches. The penalty resolves findings that the branches failed to maintain adequate internal controls, designate compliance personnel, conduct independent testing, and timely report suspicious activity related to a prominent Chilean politically exposed person. Banco de Chile consents to the penalty, which is satisfied by a single payment of $3,000,000 to the Department of the Treasury within five business days.
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