Thursday, May 22, 2008

More Civil Money Penalties Assessed by FinCEN and the OCC

FinCEN and the OCC assessed concurrent $15 million civil money penalties against the New York branch of the United Bank for Africa for pervasive and systemic internal control and audit deficiencies, and the Branch's continued failure to identify and report suspicious activities.The Branch, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $15 million to the U.S. Department of the Treasury.

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