FDIC Announces Penalties against U.S. Banks for BSA and AML Violations

The FDIC announced a civil money penalty of $140 million against two U.S. banks for violations of the Bank Secrecy Act ("BSA") and anti-money laundering laws and regulations. The institutions' violations included failures to retain a qualified BSA officer and staff, provide sufficient BSA training, and conduct effective independent testing.

See: FDIC Press Release.