Enforcement actions.Written AgreementsThe Federal Reserve Board on August 2, 2004, announced the execution of a written agreement by and among the Traders Bank, A Banking Corporation, Spencer, West Virginia Spencer is a city in Roane County, West Virginia, United States. The population was 2,352 at the 2000 census. It is the county seat of Roane CountyGR6. Spencer is the home of the annual West Virginia Black Walnut Festival. ; the West Virginia Division of Banking, Charleston, West Virginia Not to be confused with Charles Town, West Virginia. Charleston is the capital of the U.S. state of West Virginia. It is located at the confluence of the Elk and Kanawha Rivers in Kanawha County. As of the 2000 census, it has a population of 53,421. ; and the Federal Reserve Bank of Richmond The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia . It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. . The Federal Reserve Board and the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Banking Department on October 8, 2004, announced the execution of a written agreement by and among Standard Chartered, plc, London, United Kingdom; its subsidiary bank, Standard Chartered Bank Standard Chartered Bank (LSE: STAN, HKSE: 2888 ) is a British bank headquartered in London with operations in more than fifty countries. It operates a network of over 1,600 branches (including subsidiaries, associates and joint ventures) and employs almost 60,000 , London, United Kingdom; the bank's New York branch; 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. ; and the New York State Banking Department. The written agreement addresses Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. and anti-money-laundering compliance at Standard Chartered Bank's New York branch, including policies and practices relating to the provision of correspondent banking services. The Federal Reserve Board on October 19, 2004, announced the execution of a written agreement by and between the Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. International, New York, New York, and the Federal Reserve Bank of New York. The written agreement addresses Bank Secrecy Act and anti-money-laundering compliance at the Union Bank of California International, including policies and practices relating to the provision of correspondent banking services. The Federal Reserve Board on October 21, 2004, announced the execution of a written agreement by and among The Community State Bank, Poteau, Oklahoma; the Oklahoma State Banking Department, Oklahoma City, Oklahoma “OKC” redirects here. For the airport, see Will Rogers World Airport. Oklahoma City is the capital of the U.S. state of Oklahoma. The county seat of Oklahoma County, the city is the 30th largest city in the U.S. ; and the Federal Reserve Bank of Kansas City The Federal Reserve Bank of Kansas City covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. The Bank has branches in Denver, Oklahoma City, and Omaha. . The Federal Reserve Board on October 29, 2004, announced the execution of a written agreement by and between the County Bank, Merced, California, and the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, . Other Actions The Federal Reserve Board on August 24, 2004, announced the issuance of a consent notice of prohibition against Charles Kushner, an institution-affiliated party of The NorCrown Trust, an unregistered bank holding company that owns or controls the shares of the NorCrown Bank, Livingston, New Jersey, a state nonmember bank. A notice of prohibition is issued under a provision of the Federal Deposit Insurance Act that authorizes the Federal Reserve and other bank regulators to limit the activities of bank officials who have been charged with criminal offenses pending the resolution of the charges. The Board's action against Mr. Kushner has been coordinated with the U.S. Attorney's Office for the District of New Jersey. The Federal Reserve Board on August 24, 2004, announced the issuance of a consent notice of prohibition against Kenneth M. Matzdorff, the majority shareholder and a former officer and director of Garden City Bancshares, Inc., Garden City, Missouri Garden City is a city in Cass County, Missouri, United States. The population was 1,500 at the 2000 census. Geography Garden City is located at (38.558731, -94.189231)GR1. , a registered bank holding company that owns or controls the Garden City Bank, Garden City, Missouri, a state nonmember bank. A notice of prohibition is issued under a provision of the Federal Deposit Insurance Act that authorizes the Federal Reserve and other bank regulators to limit the activities of bank officials who have been charged with criminal offenses pending the resolution of the charges. The Board's action against Mr. Matzdorff has been coordinated with the U.S. Attorney's Office for the Eastern District of New York. The Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN (FinCEN) and the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. announced on October 12, 2004, that they have jointly assessed a $10 million civil money penalty against AmSouth Bank of Birmingham, Alabama, for its violations of the Bank Secrecy Act. In addition, the Federal Reserve Board and the Alabama Superintendent of Banks concurrently issued a cease and desist order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. requiring AmSouth Bank and its parent bank holding company, AmSouth Bancorporation, to take certain corrective actions. AmSouth, without admitting or denying any allegations, consented to the payment of the civil money penalty and issuance of the orders by FinCEN, the Board, and the state. FinCEN and the Federal Reserve Board based their assessment on the failure of the banking organization to establish an adequate anti-money-laundering program and the failure to file accurate, complete, and timely Suspicious Activity Reports (SARs). The agencies found systemic defects in AmSouth's program with respect to internal controls, employee training, and independent review that resulted in failures to identify, analyze, and report suspicious activity occurring at the bank. William D. Langford, Jr., associate director of FinCEN's Regulatory Policy and Programs Division, stated, "Comprehensive Bank Secrecy Act compliance programs that enable financial institutions to identify and report suspicious activities are the foundation of our efforts to combat money laundering and protect our financial system. As this case reflects, if a financial institution fails to establish and implement effectively such programs, we will take appropriate action to ensure compliance." The orders are part of coordinated actions with the Office of the U.S. Attorney for the Southern District of Mississippi and the Internal Revenue Service, Criminal Investigation, who also announced on October 12, 2004, the execution of a deferred prosecution agreement with AmSouth in connection with charges that the bank violated the Bank Secrecy Act relating to the filing of inaccurate, incomplete, or late SARs. The Federal Reserve Board and FinCEN provided assistance to, and cooperation with, law enforcement authorities during the course of their investigation. "These actions demonstrate how coordination among the agencies responsible for enforcement of the Bank Secrecy Act can address the effectiveness of banks' anti-money-laundering programs and internal compliance reviews," said Herbert A. Biern, senior associate director of the Board's Division of Banking Supervision and Regulation. The cease and desist order issued by the Federal Reserve Board requires improvements in the banking organization's Bank Secrecy Act compliance and suspicious activity monitoring and reporting programs, a review of previous transactions to ensure that all SARs have been filed, as required, and enhancements to internal controls and management oversight. |
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