Mid-Year AML Actions Rise, But Penalties Drop, Even as Capital Requirements Actions Soar

By Kieran Beer and Brian Monroe

Banking regulators issued 23 enforcement actions in the first half of 2009 for violations of the Bank Secrecy Act and anti-money laundering regulations, according to data from Inform/ The four agencies issued 20 in the first half of last year and 51 AML actions in all of 2008. Regulatory fines for anti-money laundering (AML) violations, however, lag behind those issued in the first six months of 2008 in dollar terms. A $5.5 million action against Doha Bank was brought jointly by the Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) in April 2009....