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Nairaland Forum / Nairaland / General / Business / Us Fines Uba $15 Million Dollars Over Money Laundering! Elumelu Faces Arrest! (1663 Views)
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Us Fines Uba $15 Million Dollars Over Money Laundering! Elumelu Faces Arrest! by idioro: 11:47pm On Apr 28, 2008 |
Re: Us Fines Uba $15 Million Dollars Over Money Laundering! Elumelu Faces Arrest! by dgb4(m): 11:52am On Apr 30, 2008 |
when will UBA wake up from slumber ![]() The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $15 million, against the New York Branch of United Bank for Africa, PLC (“the Branch”) for violations of the Bank Secrecy Act (BSA). 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. In January 2007, due to Bank Secrecy Act (BSA) program deficiencies, the OCC issued a Cease & Desist Order (C& ![]() ![]() As a result of its examination findings, the OCC issued a second Cease and Desist Order, by consent, to the Branch on February 29, 2008. It required the Branch to, among other things: cease and desist from processing wire transfers, dollar drafts, and pouch transactions; retain the services of a qualified, independent consultant to conduct a fourteen-month review (from January 1, 2007 through February 29, 2008) of the Branch's wire transfer and dollar draft activities to ascertain the existence of any unusual or suspicious transactions during this period; revise and implement the Branch's written program establishing a system of internal controls and processes; and to take other needed steps to ensure compliance with the suspicious activity reporting requirements under the law. The OCC assessed the Branch a $15 million civil money penalty and imposed a new C& ![]() ![]() In assessing a $15 million civil money penalty, FinCEN determined that the Branch failed to implement an adequate anti-money laundering program reasonably designed to identify and report transactions that exhibited indicia of money laundering or other suspicious activity involving approximately $197 million in suspicious transactions. “A financial institution that recklessly disregards its obligations under the Bank Secrecy Act and continues to operate without an effective anti-money laundering program, despite repeated warnings and a business focus on areas of recognized high risk, should expect to be penalized. The severity of this joint enforcement action is reflective of just such conduct. This is not a case of interpretation of technical issues or about minor lapses in compliance,” said FinCEN Director James H. Freis, Jr. |
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