SEC & DOJ Prosecutions

SEC & DOJ Prosecutions

Riggs Bank Pleads Guilty to Violation of the Bank Secrecy Act

USA v. Riggs Bank

  • 2005
  • $16 Million

In the largest criminal penalty ever imposed on a bank of its size, defendant Riggs Bank was sentenced to pay a $16 million fine and placed on a five-year period of corporate probation. The bank failed to report numerous transactions that raised suspicions of money laundering, including transactions associated with bank accounts owned and controlled by Augusto Pinochet of Chile and by the government of Equatorial Guinea. In approving the plea deal, the judge called the bank “a greedy corporate henchman of dictators and their corrupt regimes.”

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