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.

The bank failed to comply with most of the order and the office issued another order on February 29 requiring the bank to cease all wire transfer, dollar draft and pouch transactions.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.