Regulatory Alerts2017-02-27 | 2017-02Added
Assessment of Civil Money Penalty in the Matter of Merchants Bank of California, N.A.
FinCEN assesses a civil money penalty against Merchants Bank of California, N.A. for willfully violating the Bank Secrecy Act from March 2012 to September 2016. The Bank failed to establish an adequate anti-money laundering program, conduct required due diligence on foreign correspondent accounts, and detect and report suspicious activity. These failures allowed billions of dollars in transactions to flow through the U.S. financial system without effective monitoring, including transactions involving money services businesses owned by bank insiders.
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