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.
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