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OCC Issues $500,000 Penalty Against New York Branch of Nigerian Bank
By Brian Orsak
printThe U.S. Office of the Comptroller of the Currency ordered a Nigerian bank to pay a $500,000 penalty to settle charges of deficiencies in its anti-money laundering program, including failure to report suspicious activity, that resulted in money laundering, insider abuse and advance payment fraud. The charges against Lagos, Nigeria based United Bank for Africa PLC stem from incidents involving two of the bank's New York branch customer accounts, including one controlled by the bank's former chairman. The incidents, which occurred between May 1998 and March 2004, continued amid inquiries from Nigerian regulators and Nigerian and U.S. law enforcement, the...
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