Regulatory Alerts2008-04-28 | 2008-3Added
Assessment of Civil Money Penalty Against United Bank for Africa, PLC New York Branch
The Financial Crimes Enforcement Network assesses a civil money penalty of $15,000,000 against the New York Branch of United Bank for Africa, PLC for violations of the Bank Secrecy Act. The Branch failed to implement an adequate anti-money laundering program and failed to timely file 140 suspicious activity reports involving approximately $197 million between 2005 and February 1, 2008. The penalty is satisfied by a single payment to the Department of the Treasury, resolving the Branch's civil liability for these specific violations.
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