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• W58827720 abstract "[ILLUSTRATION OMITTED] Federal enforcement of anti-money laundering compliance has been picking up. In 2009, there were two fines against two banks while, in 2010, there were seven fines against five banks. Of greater note, as recently pointed out on MoneyLaundering.com, the size of the BSA-related fines went from $5 million in 2010 to $660 million thus far in 2011. And BSA fines represent the majority of fines on banks now. In addition to these negative trends, consider that late last year, Assistant Attorney General Lanny Breuer announced the creation of a new unit within the Criminal Division of the Department of Justice to focus on institutions, including their officers, managers, and employees, when their actions violate the law. In announcing this new unit, Breuer warned: Financial institutions simply cannot cut corners on compliance: having a compliance program that works is worth it. Breuer's statement has been echoed in the press releases accompanying recent BSA-related formal actions. For instance, in a 2010 case involving Wachovia, which was assessed $160 million (the highest BSA-related combined criminal forfeiture and civil money penalty in history), the U.S. Attorney handling the case stated: Corporate citizens, no matter how big or powerful, must be held accountable for their actions. historic agreement makes it clear that such conduct will not be tolerated. But size alone isn't the issue. In a case about the same time against a small thrift--Pamrapo Savings Bank, Bayonne, N.J., Breuer sent a similar message: Today's guilty plea by Pamrapo Savings Bank should remind financial institutions, large and small across the country, of the high price they will pay for ignoring the law. The thrift paid a combined $5 million criminal forfeiture and civil BSA-related fine, with an additional $1 million fine by FinCEN. The agencies have always maintained that banks should not read too much into individual administrative actions, because each is based on particular factual circumstances. Nonetheless, important lessons can be learned. Considering Wachovia As noted, Wachovia was assessed the largest BSA-related fine ever. At first, given the size of the bank and the size of the fine, one would think that it has little bearing on the rest of the industry. However, the action was not taken in a vacuum. Wachovia had been warned of problems relating to remotely created checks from telemarketers and was assessed a civil money penalty of $10 million in 2008. In addition, in 2005, Wachovia purchased the international case de cambio (CDC) business from Union Bank of California, which itself was subject to a $10 million 2007 civil penalty for its mishandling of the CDC business. Wachovia apparently did not react sufficiently to either enforcement. The eventual $160 million in fines were based, to a substantial part, on Wachovia's mishandling of these two products. Ironic and instructive: Union Bank was subject to a prior Memorandum of Understanding addressing its CDC clients; the 2007 fine against Union was, in part, based on failure to comply with that memo (though it had sold the operation). [ILLUSTRATION OMITTED] Similarly, with respect to Pamrapo Savings, it too was the subject of an earlier administrative action. In 2008 the Office of Thrift Supervision issued a cease and desist order focused on BSA issues and, in effect, provided the thrift with a roadmap to compliance. The aggregate penalty of $6 million was the result of continued noncompliance. Regulators really mean it These are not isolated cases. Failure to address enforcement orders and agreements, in time, costs. In an October 2010 case involving HSBC, the OCC and the Fed issued cease-and-desist orders against the bank and its holding company that addressed BSA-related deficiencies. These orders reflected many of the same deficiencies noted in an earlier formal agreement the Fed and the N. …" @default.
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• W58827720 date "2011-06-01" @default.
• W58827720 modified "2023-09-24" @default.
• W58827720 title "Costly Consequences of BSA Complacency: Federal Anti-Money Laundering Enforcement Hits Banks in the Wallet" @default.
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