Regulatory Alerts2005-08-17 | 2005-02Added
Assessment of Civil Money Penalty Against the Federal Branch of Arab Bank PLC, New York
The Financial Crimes Enforcement Network assesses a civil money penalty of $24,000,000 against the Federal Branch of Arab Bank PLC, New York, for violations of the Bank Secrecy Act. The branch failed to implement adequate anti-money laundering internal controls and independent testing, and failed to file timely suspicious activity reports for funds transfers involving originators and beneficiaries without accounts at the branch. The penalty is satisfied by a single payment of $24,000,000 made to the Department of the Treasury within five business days.
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