Regulatory Alerts2017-11-01 | 2017-04Added
Assessment of Civil Money Penalty Against Lone Star National Bank
FinCEN assesses a $2 million civil money penalty against Lone Star National Bank for willfully violating Bank Secrecy Act requirements between 2010 and 2014. The violations include failing to implement an adequate anti-money laundering program, neglecting due diligence on a foreign correspondent account that facilitated $260 million in suspicious transactions, and failing to file 173 required suspicious activity reports. The penalty is partially satisfied by a $1 million fine previously imposed by the Office of the Comptroller of the Currency, with the remaining $1 million paid immediately to the U.S. Department of the Treasury.
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