Regulatory Alerts2003-01-16 | 2003-01Added
Deferred Prosecution Agreement with Banco Popular de Puerto Rico
Banco Popular de Puerto Rico waives indictment and agrees to a twelve-month deferral of prosecution for failing to file timely and complete Suspicious Activity Reports in violation of the Bank Secrecy Act. The bank settles civil forfeiture claims for $21,600,000 and accepts a $20,000,000 civil money penalty assessed by FinCEN, which is fully satisfied by the settlement payment. The agreement requires full compliance with Bank Secrecy Act obligations, cooperation with the United States, and prohibits public statements contradicting the attached Factual Statement. The Federal Reserve terminates its prior Written Agreement and declines to assess additional fines due to the significant forfeiture.
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