U.S. financial regulators slapped Nigeria's largest bank with $15 million in penalties for anti-money laundering violations, the fourth AML-related action against the bank in 16 months. The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) each said Monday that they were penalizing the New York branch of Lagos, Nigeria-based United Bank for Africa with a $15 million penalty for failing to file suspicious activity reports and establish independent testing, among other deficiencies. The two penalties will be satisfied with one payment of $15 million, the agencies said. United Bank was...
The U.S. Justice Department entered into 60 percent fewer pre-trial agreements with corporations seeking to avoid criminal prosecutions in 2008 than in the previous year, according to a study released Friday.
The United States is hoping that its support of an anti-money laundering regional body for West African nations will lead to greater economic stability in the area, said Dan Glaser, US Treasury Department Deputy Assistant Secretary for Terrorist Financing and Financial Crimes.
The U.S. Comptroller of the Currency issued a cease and desist order against the New York branch of the United Bank for Africa on charges of anti-money laundering program failures, the second such enforcement action against the bank in a year.
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.