OCC Assesses Civil Money Penalty Against Wachovia

WASHINGTON — The Office of the Comptroller of the Currency announced today a $50 million Civil Money Penalty and a Cease and Desist Order against Wachovia Bank, N.A. for violations of the Bank Secrecy Act as part of a coordinated action with the Department of Justice, the Financial Crimes Enforcement Center and other federal agencies.

Wachovia also entered into a deferred prosecution agreement with the U.S. Attorney’s Office in the Southern District of Florida and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice and agreed to forfeit $110 million to the United States. The Financial Crimes Enforcement Network assessed a $110 million Civil Money Penalty that is deemed satisfied by the forfeiture to the U.S. government.

Related Links

• U.S. Department of Justice News Release (PDF)
• Consent Cease and Desist Order (PDF)
• Consent Order for a Civil Money Penalty (PDF)