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In Enforcement Ramp-Up, FinCEN Will Issue Standalone Fines Against Banks
By Brian Monroe
printThe U.S. government's financial intelligence unit will resume an abandoned practice of fining banks for Bank Secrecy Act violations apart from the enforcement actions it works on with federal regulators, say sources. The planned monetary penalties will mark a reversal for the Treasury Department's Financial Crimes Enforcement Network (FinCEN), which has not fined a bank without the direct participation of a federal regulator since June 2003. Including that fine, against Korea Exchange Bank, the bureau independently penalized six depository institutions a total of more than $22 million in less than four years. Treasury Department officials, including the bureau's new Director...
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