Regulatory Alerts2015-06-15 | 2015-08Added
Assessment of Civil Money Penalty Against Bank of Mingo
FinCEN assesses a $4.5 million civil money penalty against Bank of Mingo for willful violations of the Bank Secrecy Act, including failures to maintain an adequate anti-money laundering program, customer identification program, and reporting systems. The bank failed to file 619 required currency transaction reports and suspicious activity reports between 2008 and 2013, allowing over $9.2 million in structured cash transactions to flow through its accounts unreported. This penalty runs concurrent with a $3.5 million civil money penalty assessed by the FDIC and a $2.2 million forfeiture agreed to in a deferred prosecution with the U.S. Attorney’s Office, resulting in an immediate payment of $1 million to the U.S. Department of the Treasury.