WASHINGTON — The Treasury Department announced Friday that Riggs National Bank of the District of Columbia had agreed to pay a $269,750 civil penalty for failing to report large currency transactions.
Officials said that Riggs, the largest bank in Washington, had committed 1,226 reporting violations from 1980 to 1985. The bank could have faced a maximum fine of $1.23 million--$1,000 for each violation.
Riggs became the sixth bank this year to pay penalties for failing to comply with the Bank Secrecy Act, which requires banks to report all cash transactions of $10,000 or more.
In August, the department imposed a record $2.25 million in penalties against Crocker National Bank of San Francisco for failing to report almost $4 billion in cash transactions.