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WASHINGTON –The Treasury Department has imposed a $15 million civil penalty against Nigeria’s United Bank for not complying with anti-money laundering rules.

During several examinations, government inspectors found that the bank had failed to detect and report $197 million in suspected deposits and had not established and implement anti-money laundering programs, as required by the Bank Secrecy Act. The Office of the Controller of the Currency issued a cease and desist order last May and fined the bank $500,000. The Financial Crimes Enforcement Network is responsible for monitoring compliance with the Bank Secrecy Act. Both offices are part of the Treasury Department.

 

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