Case study involving RIGGS BANK

2243
MONEY LAUNDERING
AND
FOREIGN CORRUPTION:
ENFORCEMENT AND EFFECTIVENESS
OF THE PATRIOT ACT
CASE STUDY INVOLVING RIGGS BANK
REPORT
PREPARED BY THE
MINORITY STAFF
OF THE
PERMANENT SUBCOMMITTEE
ON INVESTIGATIONS

Executive summary extract :
The evidence reviewed by the Subcommittee staff establishes that, since at least 1997,Riggs has disregarded its anti-money laundering (AML) obligations, maintained a dysfunctional AML program despite frequent warnings from OCC regulators, and allowed or, at times, actively facilitated suspicious financial activity. The evidence also shows that federal regulators did a poor job of compelling Riggs Bank to comply with statutory and regulatory anti-money laundering requirements. They were tolerant of the bank’s weak AML program, too slow in reacting to repeat deficiencies, and failed to make prompt use of available enforcement tools …

Detailed report on this link