The nation's second-largest bank acknowledged Wednesday that its lax policies allowed South American money transmitters to funnel $3 billion through a Manhattan branch and agreed to pay $7.5 million in a settlement with the Manhattan District Attorney's Office. The deal ends the bank's culpability in a two-year probe into illegal Brazilian money services businesses, or MSBs, that laundered billions of dollars from offshore shell companies in Panama and the British Virgin Islands to a Uruguayan MSB account at Bank of America from 2002 to 2004. District attorney Robert Morgenthau said he believes that money financed terrorism because so much of...
A Mexican currency exchange house that registered with the U.S. Treasury Department manipulated currency declaration reports in efforts to launder tens of millions of dollars of drug profits, according to court documents.
As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
Wells Fargo & Co., the parent company of Wachovia Bank, will pay $160 million to settle anti-money laundering compliance problems tied to accounts with Mexican currency exchange companies, the company said Wednesday.
Bank of America has reportedly resumed offering banking services to money services businesses (MSBs), reversing a trend at the bank, and the industry as a whole, to drop money transmitters because regulators have labeled them as higher risk.