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When Wachovia Bank agreed to a settlement with the U.S. government on charges that it failed to prevent drug traffickers from laundering more than $100 million through accounts at the bank, it became the financial institution with the unfortunate distinction of having paid the largest penalty, $160 million, for a violation of the Bank Secrecy Act. Under terms of the deferred prosecution agreement, Wachovia forfeited $110 million and paid a $50 million fine to the Treasury.

Peter Westerman

Credit Union Times

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