Regulatory Alerts2006-05-19 | 2006-05Added
Assessment of Civil Money Penalty Against Liberty Bank of New York
The Financial Crimes Enforcement Network assesses a $600,000 civil money penalty against Liberty Bank of New York for violations of the Bank Secrecy Act. Liberty Bank failed to implement an adequate anti-money laundering program, including internal controls and the designation of a compliance officer, and failed to timely file numerous suspicious activity reports involving hundreds of millions of dollars. The penalty is satisfied by a single payment of $300,000 to the Department of the Treasury and $300,000 to the New York State Banking Department.
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