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Zions Bank Fined $8 Million for Failing to Report Suspect Casas de Cambio Deposits
By Brian Monroe
printA Utah bank must pay $8 million for failing to report billions of dollars in suspicious remote deposits by high-risk, Mexican currency exchange clients, the U.S. Treasury Department said Friday. The anti-money laundering (AML) compliance infractions by Salt Lake City-based Zions First National Bank, which occurred between 2005 and 2007, are in part attributable to the fact that the financial institution did not have a full-time Bank Secrecy Act officer to vet over $5.4 billion in deposits made remotely by casas de cambio, the department said. As a result, the bank failed to file a single suspicious activity report between...
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