Regulatory Alerts2002-04-08 | 2002-01Added
Assessment of Civil Money Penalty in the Matter of Sovereign Bank
FinCEN assesses a civil money penalty of $700,000 against Sovereign Bank for willfully failing to file approximately 2,000 Currency Transaction Reports for transactions exceeding $10,000 between June 1998 and May 2001. The penalty resolves violations related to inadequate internal controls and reliance on third-party vendors that resulted in missed filings. Sovereign Bank must pay the $700,000 within five business days of the assessment date to constitute a complete settlement of civil liability for these specific reporting violations.
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