Regulatory Alerts2011-03-24 | 2011-5Added
Assessment of Civil Money Penalty Against Pacific National Bank
The Financial Crimes Enforcement Network assesses a $7,000,000 civil money penalty against Pacific National Bank for violations of the Bank Secrecy Act, including the failure to maintain an effective anti-money laundering program and the filing of delinquent or incomplete suspicious activity reports. The penalty resolves the Bank's liability for systemic deficiencies in internal controls, independent testing, customer due diligence, and transaction monitoring that occurred between 2006 and 2010. Pacific National Bank must pay the full amount to the United States Department of the Treasury within five business days of the assessment date of March 23, 2011.
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