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Civil Money Penalty Assessed Against Wachovia Bank

On March 17, 2010, the Financial Crimes Enforcement Network (FinCEN) announced the assessment of a civil money penalty, in the amount of $110 million, against Wachovia Bank. The action represents the largest penalty action to date against a financial institution by FinCEN for violations of the Bank Secrecy Act, including failures to:

James H. Freis, Jr., Director of FinCEN was quoted as saying "In the recent past, Wachovia was the fourth largest commercial bank in the United States, and one of the largest banks in the world. During our investigation, it became evident that, despite such a prominent role in the domestic and international banking sectors and accompanying resources to such an institution, Wachovia did not institute systems, controls and other measures to manage risk commensurate with the scope and magnitude of its products, services and business lines, particularly foreign correspondent banking."

The investigation and resulting civil money penalty by FinCEN was part of a coordinated effort with the United States Attorney's Office for the Southern District of Florida, the Office of the Comptroller of the Currency, the Drug Enforcement Administration and Internal Revenue Service, Criminal Investigation Division.

FinCEN's Assessment of Civil Money Penalty in the Matter of Wachovia Bank (03/17/2010)

Department of Justice News Release: Wachovia Enters Into Deferred Prosecution Agreement

Department of Justice Criminal Information

Department of Justice Deferred Prosecution Agreement

Department of Justice Factual Statement

Office of the Comptroller of the Currency News Release: OCC Assesses Civil Money Penalty Against Wachovia

Office of the Comptroller of the Currency: Consent Cease and Desist Order

Office of the Comptroller of the Currency: Consent Order for a Civil Money Penalty

Additional Resources