Washington DC: End of an era
The recent takeover of Washington DC's oldest financial institution, Riggs Bank, followed one of the highest profile in a string of financial scandals that have arisen as US regulators crack down on financial wrongdoing in the wake of 11 September. Daniel Keating and Gordon L Miller look at the lessons to be learned
In May, Riggs Bank of Washington DC, the US capital’s oldest locally-based financial institution, agreed to pay a $25m (£13.7m) civil money penalty for violating the Bank Secrecy Act. This is the largest fine assessed to date for violating that Act, which requires banks to adopt a comprehensive anti-money laundering (AML) compliance programme. The alleged violations identified at 168-year-old Riggs Bank included numerous transactions involving accounts related to the Embassy of Saudi Arabia and the Government of Equatorial Guinea. Riggs had previously been cited in 2002 for violations involving transactions for former Chilean dictator Augusto Pinochet.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651