Wachovia Bank has agreed to pay $160 million to the federal government to resolve a charge that the bank willfully failed to effectively monitor for potential money-laundering activity in hundreds of billions of dollars in transactions with Mexican currency exchange houses, the Justice Department announced Wednesday. Prosecutors said more than 20,000 kilograms of cocaine were seized from aircraft bought by drug-trafficking organizations with money wired through Wachovia bank accounts.
Wachovia Bank Agrees to Pay $160 Million in Deferred Prosecution Agreement
The National Law Journal
March 18, 2010