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In Levying AML Fines, FDIC Will Look More to Bank Board
By Kieran Beer
printBank board of directors members can expect to pay civil money penalties if their institutions fail to correct Bank Secrecy Act violations, a Federal Deposit Insurance Corp. official said on Tuesday. While the agency has historically levied money penalties against directors for certain violations, it has rarely sought them for failures to fix anti-money laundering (AML) issues, said Lisa Arquette, associate director at the FDIC, after speaking on a panel at an American Bankers Association conference in Washington, D.C. As the agency seeks ways to punish AML infractions without undercutting the soundness of a financial institution, it will increasingly look...
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