Posted on 05/14/2004 11:04:09 AM PDT by yonif
Federal regulators fined Riggs Bank a record $25 million on Thursday for allegedly violating anti-money laundering laws in its handling of cash transactions in Saudi-controlled accounts under investigation for possible links to terrorism financing.
The civil fine against the midsize Washington bank with a near-exclusive franchise on business with the capital's diplomatic community is the largest ever imposed on a financial institution for such violations, experts said.
The action by the Treasury Department's Office of the Comptroller of the Currency came in an order made public late Thursday. It followed weeks of negotiations between Riggs officials and the banking regulators.
The order said the bank's internal controls "were, and continue to be, seriously deficient."
Riggs did not admit to or deny wrongdoing in agreeing to the fine.
The FBI and regulators have investigated, for possible connections to terrorism financing, large cash transactions in Riggs accounts controlled by Saudi diplomats.
Riggs previously was accused by Treasury regulators of failing to the comply with a law requiring banks to notify the government of suspicious transactions.
The comptroller's office already had classified Riggs as a "troubled institution" for not complying fully with a 2003 consent order under which it agreed to strengthen its anti-money laundering controls.
That designation means the bank must get regulators' approval for changes in top management and for severance payments to executives who leave.
Yonif this is US Bank?
There is law that order this type of bank that any amount on certain account you have report to that FDIC
HELLO
They are in bigggg trouble
Timothy C. Coughlin President and Director
Steven T. Tamburo Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
Joe L. Allbritton Vice Chairman of the Board
J. Carter Beese, Jr. Director
Charles A. Camalier, III Director
Lawrence I. Hebert Director
Steven B. Pfeiffer Director
Robert L. Sloan Vice Chairman of the Board
Jack Valenti Director
William L. Walton Director
Eddie N. Williams Director
Joseph M. Cahill, Attorney-in-Fact
March 11, 2004
Perhaps an "EEO" hire "hijacked" the way this outfit handled certain accounts.
I increasingly trust my "nose" on such matters, and increasingly it has not failed me...............
TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
Dimensional Fund Advisors Inc 2,083,447 7.25 $34,439,379 31-Dec-03
Wellington Management Company, Llp 1,860,830 6.48 $30,759,520 31-Dec-03
Gendell, Jeffrey L. 1,177,094 4.1 $19,457,364 31-Dec-03
Barclays Bank Plc 950,456 3.31 $15,711,037 31-Dec-03
Axa 885,097 3.08 $14,630,653 31-Dec-03
Thomson Horstmann & Bryant, Inc. 756,900 2.63 $12,511,557 31-Dec-03
Philadelphia Trust Company 429,052 1.49 $7,092,229 31-Dec-03
Delaware Management Business Trust 411,200 1.43 $6,797,136 31-Dec-03
Vanguard Group, Inc. (The) 406,257 1.41 $6,715,428 31-Dec-03
Northern Trust Corporation 332,664 1.16 $5,498,936 31-Dec-03
TOP INSIDER & RULE 144 HOLDERS
Holder Shares Reported
ALLBRITTON, BARBARA B. 7,684,062 9-Mar-04
ALLBRITTON, JOE L. 7,177,441 9-Mar-04
HEBERT, LAWRENCE 72,626 21-Jan-04
ALLBRITTON, ROBERT L 62,533 21-Jan-04
HEBERT, LAWRENCE I. 51,000 23-Jan-03
Close it Down at once. Fines are chunk change to these slicks.
I'm more concerned with who has the gold. In 1999 under an agreement by the US govt.,the US and Great Britain sold off much of their gold reserves...theory is to keep the price low to prop up the inflated stock market. Much of those reserves were bought by Arabs. The muslims are setting up large banking interests, using gold as tender. It's against Muslim law to charge interest, hence they want their own system. Seems their endeavor is to use gold to purchase oil, not dollars. BTW, it's reported that Hillary sold her gold futures just before the price went down. Recall, last week, Osama is offering bounty for Bremer, etc. in gold.
--The FBI and regulators have investigated, for possible connections to terrorism financing, large cash transactions in Riggs accounts controlled by Saudi diplomats. --
Who are these Saudi diplomats?
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