Regulatory Alerts2004-05-13 | 2004-01Added
Assessment of Civil Money Penalty in the Matter of Riggs Bank, N.A.
FinCEN assesses a $25 million civil money penalty against Riggs Bank, N.A. for willful violations of the Bank Secrecy Act, including failures to maintain an adequate anti-money laundering program, file timely and accurate suspicious activity reports, and provide complete currency transaction reports. The penalty resolves the matter without Riggs admitting or denying the findings, except for jurisdiction, and is satisfied by a single payment to the U.S. Department of the Treasury concurrent with a separate OCC penalty.
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