11-Feb-2011: Civil Money Penalty Assessed Against Zions First National Bank

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VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a civil money penalty against Zions First National Bank, Salt Lake City, Utah, for violations of the Bank Secrecy Act (BSA). Zions, without admitting or denying the facts or allegations, consents to an $8 million civil money penalty, which is concurrently assessed with the Office of the Comptroller of the Currency and satisfied by a single payment of $8 million to the U.S. Department of the Treasury.

FinCEN determined that Zions violated BSA requirements by failing to establish and implement an effective anti-money laundering (AML) program with respect to its foreign correspondent banking relationships with casas de cambio, banks, casas de bolsa and foreign corporate customers, and failing to file timely suspicious activity reports.

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Detailed news link: here

Assessment report link: here