BSA Penalty
FinCEN and the OCC have acted together to place a $24 million fine on the New York Branch of Arab Bank. The penalties are based on the bank's failure to maintain an adequate anti-money laundering program with respect to US dollar clearing transactions and failures to identify and report suspicious activity. The enforcement action holds the bank responsible for maintaining adequate anti-money laundering procedures with respect to funds transfers involving non-account holders and beneficiaries.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 10, 9/05
|
Print Friendly!
Email This Article!
Discuss NOW!