U.S. officials Tuesday imposed an $8.2 million monetary penalty on a defunct New Jersey bank that opened accounts with Mexican and Dominican currency exchangers in violation of anti-money laundering rules. Saddle River Valley Bank (SRVB) agreed to pay the New Jersey U.S. Attorney's Office $4.1 million and two U.S. Treasury Department agencies the same amount for Bank Secrecy Act violations that took place between June 2009 and May 2011. New Jersey-based Center Bancorp acquired most of SRVB's assets after the latter ceased operations in 2012. Three years prior to its closure, SRVB opened accounts for three casas de cambio in...
A U.S. District Court judge Wednesday signed an order ending Wachovia Bank's deferred prosecution agreement with the U.S. Justice Department for failing to identify transactions potentially tied to drug cartels.
Federal regulators have increased their scrutiny of correspondent relationships that could be used to mask nested accounts for non-U.S. money remitters otherwise barred from American banks because of compliance risks.
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.