Regulatory Alerts2013-09-24 | 2013-02Added
Assessment of Civil Money Penalty in the Matter of Saddle River Valley Bank
The Financial Crimes Enforcement Network assesses a civil money penalty of $4.1 million against Saddle River Valley Bank for willful violations of the Bank Secrecy Act from 2009 through May 2011. The bank failed to maintain an effective anti-money laundering program, neglected due diligence on foreign correspondent accounts for Mexican and Dominican Republic money exchange houses, and delayed filing approximately 190 suspicious activity reports covering $1.5 billion in transactions. This penalty is satisfied by a single payment to the Department of the Treasury, concurrent with a separate $4.1 million penalty imposed by the Office of the Comptroller of the Currency.
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