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For Some TARP Recipients, AML Questions Follow Money
By Brian Monroe
printTaking federal bailout money can come with a lot of strings attached: public relations strings, capital oversight strings and, surprisingly, anti-money laundering compliance strings. That's what Scottsdale, AZ-based Goldwater Bank discovered when the institution found itself the subject of a letter by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). The bank agreed on Sept. 15 to pay more than $730,000 to the FBI and SIGTARP for helping a company process online gambling payments. In addition to the fine, the bank agreed to improve its anti-money laundering (AML) program, including its training and internal...
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