Regulatory Alerts2010-03-17 | 2010-1Added
Assessment of Civil Money Penalty in the Matter of Wachovia Bank, National Association
FinCEN assesses a civil money penalty against Wachovia Bank, National Association, for violations of the Bank Secrecy Act and Section 312 of the USA PATRIOT Act occurring between 2004 and 2008. The Bank failed to implement adequate anti-money laundering programs, including deficient internal controls, independent auditing, and suspicious activity reporting for international correspondent accounts. Specific failures included capping transaction monitoring alerts, neglecting risks associated with remote deposit capture and bulk cash deposits, and failing to file timely reports on tens of millions of dollars in suspicious transactions.
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