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ENFORCEMENT ACTIONS AND TERMINATIONS OF PREVIOUS ACTIONS.



The Federal Reserve Board on March 3, 2000, announced the issuance of a prompt corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or  directive against the New Century Bank, Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. .

The Federal Reserve Board on March 9, 2000, announced the execution of a written agreement by and between Banco Popular de Puerto Rico, Hato Rey, Puerto Rico Hato Rey is a district of San Juan, Puerto Rico, in the northwest of the former municipio of Río Piedras, and southwest of Santurce. Hato Rey was a barrio of Río Piedras. , and the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. .

The Federal Reserve Board on March 17, 2000, announced the issuance of a consent order against Sunshine Financial and Frederick K. Wall, institution-affiliated parties of the First Western Bank, Cooper City, Florida Cooper City is a city in Broward County, Florida, United States. The city is named for Morris Cooper, who founded the community in 1959. The US Census Bureau estimated the city's population at 30,032 on 1 July 2006. , a state member bank.

The parties, without admitting to any allegations, consented to the order to resolve allegations that they violated the Change in Bank Control Act in connection with the acquisition of beneficial ownership of the shares of the bank.

The Federal Reserve Board on March 17, 2000, announced the issuance of an order of prohibition against Vinay B. Malhotra, a former vice president and officer of the Chicago Branch of The Bank of Tokyo-Mitsubishi, Ltd., Tokyo, Japan.

Mr. Malhotra, without admitting to any allegations, consented to the issuance of the order due to his alleged breach of fiduciary duties and misapplication misapplication,
n the use of incorrect or improper procedures while administering treatment; results from inadequacy in experience, training, skills, or knowledge. May also result from impairment or incompetence.
 of bank funds for his personal benefit.

The Federal Reserve Board on March 17, 2000, announced the issuance of a consent order against the R&T Foundation and James R. Sellers, institution-affiliated parties of the First Western Bank, Cooper City, Florida, a state member bank. The parties, without admitting to any allegations, consented to the order to resolve allegations that they violated the Change in Bank Control Act in connection with the acquisition of beneficial ownership of the shares of the bank.

The Federal Reserve Board on March 22, 2000, announced the execution of a written agreement by and between the Security Dollar Bank, Niles, Ohio, and the Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. .

The Federal Reserve Board announced on March 13, 2000, that it had terminated the temporary orders to cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist").  issued against Banco Nacional de Mexico, Mexico City, Mexico; Banco Internacional, S.A., Mexico City, Mexico; and Banco Santander, Madrid, Spain.

The temporary orders to cease and desist were issued on May 18, 1998, in connection with Operation Casablanca, a law enforcement undercover operation that resulted in numerous convictions of drug traffickers, bankers, and two foreign banking organizations with operations in the United States for money-laundering offenses.

Banco Nacional de Mexico, Banco Internacional, S.A., and Banco Santander were not charged with any criminal activity in connection with Operation Casablanca.

The temporary orders to cease and desist required Banco Nacional de Mexico, Banco Internacional, S.A., and Banco Santander to enhance their anti-money-laundering policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental  in the United States. The banks have been in full compliance with the temporary orders.
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Title Annotation:Federal Reserve Board
Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:1USA
Date:May 1, 2000
Words:458
Previous Article:ISSUANCE OF HOST STATE LOAN-TO-DEPOSIT RATIOS TO DETERMINE COMPLIANCE WITH SECTION 109 OF THE INTERSTATE ACT.
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