Regulatory Alerts2007-09-17 | 2007-2Added
In the Matter of Union Bank of California, N.A.: Assessment of Civil Money Penalty
The Financial Crimes Enforcement Network assessed a civil money penalty of $10,000,000 against Union Bank of California, N.A. for violations of the Bank Secrecy Act and its regulations. Union Bank failed to establish and implement adequate internal controls for its anti-money laundering program, particularly regarding suspicious activity reporting requirements. Specifically, the bank filed over one thousand late suspicious activity reports totaling more than $1 billion during 2005 and 2006, and over 1,000 incomplete reports between February 2005 and January 2006. Union Bank consented to the assessment, agreeing to pay the $10,000,000 penalty to the Department of the Treasury within five business days, which also satisfies a concurrent penalty from the Office of the Comptroller of the Currency.