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FDIC Orders Look-backs in Two AML-Related Enforcement Actions
By Brian Monroe
printThe Federal Deposit Insurance Corp. ordered two financial institutions to conduct look-backs, or transaction reviews, for possible failures to file reports required under the Bank Secrecy Act. United Roosevelt Savings Bank and Eurobank, in March cease and desist orders issued Tuesday, were instructed to look for transactions that should have triggered currency transaction reports (CTRs) or suspicious activity reports (SARs). Both banks were cited for a number of deficiencies in their anti-money laundering programs. Federal regulators are on pace to order more than twice as many BSA-related look-backs this year than in 2006. Seven such orders have been issued this...
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