Feds Hit Small W.Va. Bank With $4.5M AML Penalty

By Evan Weinberger (June 15, 2015, 5:36 PM EDT) -- Federal banking regulators and law enforcement agencies on Monday fined a small West Virginia bank $4.5 million for failing to have in place adequate anti-money laundering protections and for allowing clients to structure transactions in order to avoid transaction reporting requirements.

The combined $4.5 million penalty issued by the Financial Crimes Enforcement Network, the Federal Deposit Insurance Corp. and U.S. Attorney for the Southern District of West Virginia R. Booth Goodwin alleges that the Bank of Mingo of Williamson, West Virginia, did not have the appropriate policies and procedures in place to adequately protect against illicit flows of cash between 2008...

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