BSA

The Federal Deposit Insurance Corporation, the Treasury's Financial Crimes Enforcement Network (“FinCEN”), and the State of Florida Office of Financial Regulation (“OFR”) have assessed concurrent civil money penalties of $10.9 million against Ocean Bank of Miami, Florida, for violations of federal and state Bank Secrecy Act (BSA) and anti-money (AML) laundering laws and regulations.

Zions First National Bank of, Salt Lake City, Utah, is going to pay an $8 million penalty to resolve a coordinated action by the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network charging Zions with violations of the Bank Secrecy Act and the USA Patriot Act. 

The Financial Crimes Enforcement Network (“FinCEN”) today announced the assessment of a civil money penalty of $1 million against Pamrapo Savings Bank, S.L.A., of Bayonne, N.J. for violating requirements under the Bank Secrecy Act (“BSA”).

The former ABN AMRO Bank N.V., now named the Royal Bank of Scotland N.V., has agreed to forfeit $500 million to the United States in connection with a conspiracy to defraud the United States, to violate the International Emergency Economic Powers Act (“IEEPA”) and to violate the Trading with the Enemy Act (“TWEA”), as well as a violation of the Bank Secrecy Act (“BSA”). 

The Federal Financial Institutions Examination Council today released the revised Bank Secrecy Act/Anti-Money Laundering Examination Manual. The revised manual provides current guidance on risk-based policies, procedures, and processes for banking organizations to comply with the Bank Secrecy Act and safeguard operations from money laundering and terrorist financing. The 2010 version clarifies supervisory expectations since the update of August 24, 2007.

The Financial Crimes Enforcement Network (“FinCEN”) today submitted for publication in the Federal Register a final rule amendment that replaces a mutual fund requirement to file IRS/FinCEN Form 8300 – Report of Cash Payments Over $10,000 Received in a Trade or Business – with a requirement to file FinCEN Form 104, Currency Transaction R

Pamrapo Savings Bank S.L.A., a wholly-owned subsidiary of Pamrapo Bancorp Inc., based in Bayonne, N.J., pleaded guilty today to conspiracy to violate the Bank Secrecy Act (“BSA”) and agreed to forfeit $5 million to the United States.  

Wachovia Bank, N.A., one of the largest banks in the United States, has entered into a deferred prosecution agreement with the U.S. Attorney’s Office in the Southern District of Florida and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice to resolve charges that it willfully failed to establish an anti-money laundering program.