Regulatory Alerts2011-02-11 | 2011-01Added
Assessment of Civil Money Penalty Against Zions First National Bank
FinCEN assessed a civil money penalty against Zions First National Bank for violations of the Bank Secrecy Act, including the failure to maintain an effective anti-money laundering program and to file timely Suspicious Activity Reports for foreign correspondent and currency exchange customers. The bank failed to implement adequate internal controls, conduct required due diligence on nested accounts, and staff its compliance function sufficiently to monitor billions of dollars in remote deposit capture and wire transactions. These deficiencies resulted in undetected suspicious activity and late filings of SARs totaling millions of dollars.
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