Once confined to large banks, the practice of forming teams to review suspicious activity reports ahead of regulatory filing deadlines is increasingly being adopted by midsize financial institutions, say compliance professionals.
A Utah bank must pay $8 million for failing to report billions of dollars in suspicious remote deposits by high-risk, Mexican currency exchange clients, the U.S. Treasury Department said Friday.
Wells Fargo & Co., the parent company of Wachovia Bank, will pay $160 million to settle anti-money laundering compliance problems tied to accounts with Mexican currency exchange companies, the company said Wednesday.
Financial institutions need to look before they leap into the expanding market of remote deposit capture in order to guard themselves from the growing problem of check fraud, say consultants.
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