Regulatory Alerts2006-04-19 | 2006-02Added
Assessment of Civil Money Penalty Against Metropolitan Bank & Trust Company, New York Branch
The Financial Crimes Enforcement Network assesses a $150,000 civil money penalty against Metropolitan Bank & Trust Company, New York Branch, for violating the Bank Secrecy Act. The penalty resolves the bank's failure to implement an adequate anti-money laundering program, including deficient internal controls and independent testing, and its failure to timely file a substantial number of suspicious activity reports. Metrobank consents to the penalty, which is satisfied by a single payment to the Department of the Treasury and is concurrent with a similar penalty assessed by the Office of the Comptroller of the Currency.
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