Regulatory Alerts2004-10-12 | 2004-02Added
Assessment of Civil Money Penalty in the Matter of AmSouth Bank
FinCEN assesses a $10 million civil money penalty against AmSouth Bank for willfully violating the Bank Secrecy Act by maintaining a materially deficient anti-money laundering program and failing to timely file suspicious activity reports. The violations stem from inadequate internal controls, insufficient employee training, and a flawed independent audit process that prevented the detection and reporting of suspicious transactions. This penalty is concurrent with a $10 million penalty assessed by the Federal Reserve and a Cease and Desist Order requiring corrective action.
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