Regulatory Alerts2010-05-04 | 2010-02Added
Assessment of Civil Money Penalty Against Eurobank for BSA Violations
The Financial Crimes Enforcement Network assesses a $25,000 civil money penalty against Eurobank for failing to implement an adequate anti-money laundering program and for filing delinquent suspicious activity reports between April 2005 and December 2008. The violations include deficiencies in risk assessments, customer due diligence, and monitoring systems, which resulted in 146 of 305 initial suspicious activity reports being filed late, involving approximately $66 million in suspicious activity. Eurobank consents to this penalty, which is concurrent with a separate $25,000 penalty assessed by the FDIC, resolving the Bank's civil liability for these specific violations.
Topics
Share