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Financial Institutions Paid Sharply More for AML Infractions in 2012, Data Shows
By Brian Monroe and Colby Adams
printFines and monetary settlements paid in 2012 by banks for anti-money laundering and counterterrorism financing violations increased 131-fold from the previous year, ACAMS moneylaundering.com data shows. The number of Bank Secrecy Act (BSA) enforcement actions by the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve, as well as the Financial Crimes Enforcement Network (FinCEN), rose slightly for the year, from 56 in 2011 to 59 to 2012. The 2011 figure includes enforcement actions from the now-defunct Office of Thrift Supervision, which handed down 11 actions in its last year. The modest...
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