Bank Fined $950,000 Over Cash Reporting
<i> Associated Press</i>
WASHINGTON —
The First National Bank of Maryland was fined $950,000 for violating a reporting requirement aimed at blocking money laundering, the Treasury Department reported Tuesday.
The civil penalty was assessed for violating the Bank Secrecy Act, which requires financial institutions to report cash transactions over $10,000, the department said. The penalty is one of the first assessed since Congress raised the maximum penalty from $10,000 to $25,000 per violation.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
