Regulatory Alerts2006-04-26 | 2006-03Added
Assessment of Civil Money Penalty Against BankAtlantic
The Financial Crimes Enforcement Network assesses a $10,000,000 civil money penalty against BankAtlantic for systemic violations of the Bank Secrecy Act, including the failure to implement an adequate anti-money laundering program and the failure to timely file suspicious activity reports. The penalty resolves BankAtlantic's liability for deficiencies in internal controls, independent testing, compliance officer oversight, and personnel training that resulted in 369 delinquent reports covering over $189 million in suspicious transactions. This assessment is concurrent with and satisfied by a $10,000,000 forfeiture to the Department of Justice and a $10,000,000 penalty assessed by the Office of Thrift Supervision.
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