Regulatory Alerts2006-12-14 | 2006-08Added
Assessment of Civil Money Penalty Against The Foster Bank
The Financial Crimes Enforcement Network assesses a $2,000,000 civil money penalty against The Foster Bank for violations of the Bank Secrecy Act. The Bank failed to implement an adequate anti-money laundering program, improperly exempted two money services business customers from currency transaction reporting resulting in 674 delinquent reports totaling $35 million, and failed to timely file suspicious activity reports for at least $79 million in transactions. Additionally, the Bank violated prohibitions against structuring transactions to evade recordkeeping requirements through purchases of cashier's checks by senior management.
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