Bank Of New York Pays $38M In Money Laundering Case

Law360, New York (November 9, 2005, 12:00 AM EST) -- The nation’s oldest bank has agreed to pay $38 million in penalties related to allegations of money laundering and fraud brought by the U.S. Attorney’s office in New York, ending a six-year investigation involving suspect Russian and U.S. bank accounts.

In exchange for a non-prosecution agreement, The Bank of New York will pay $26 million to the government and $12 million to those affected by the bank’s actions.

The bank will also “make sweeping internal reforms to ensure compliance with its antifraud and money-laundering obligations, and...
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