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Bank Secrecy Act

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NEWS
January 14, 1986 | RONALD L. SOBLE, Times Staff Writer
A government prosecutor stung by a recent appellate court decision on Monday told a federal judge in Los Angeles that stepped-up efforts to curtail profiteering by drug traffickers would be defeated unless the government's basic law to control money laundering made individuals just as culpable as financial institutions. "Every (money laundering) conviction of the past few years (could) be gutted and rendered meaningless," Brian A. Sun, an assistant U.S. attorney, told U.S.
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WORLD
December 14, 2012 | By Daniel Hernandez
 MEXICO CITY -- The U.S. government's decision this week not to prosecute top executives at the global giant HSBC for the bank's systematic laundering of money tied to violent Mexican drug cartels or to hostile regimes has resulted in an interesting number. The U.S. fined the bank  a record $1.92 billion on Tuesday, saying HSBC is essentially too big to prosecute. With assets, subsidiaries and investments spanning the globe, pressing criminal charges against HSBC could harm the global financial network at large, the Justice Department reasoned.
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BUSINESS
February 15, 1986 | Associated Press
Texas Commerce Bancshares, a large Houston bank holding company, has agreed to pay a $1.9-million civil fine in the third-largest penalty imposed in a crackdown on failures to report large currency transactions, officials said Friday. The Treasury Department said the fine covered more than 7,000 violations of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000.
BUSINESS
August 24, 2006 | E. Scott Reckard, Times Staff Writer
Wells Fargo & Co.'s safeguards for detecting illicit banking activities by terrorists, drug smugglers and other criminals were so weak that federal regulators should have publicly reprimanded the San Francisco-based bank, according to a Treasury Department report released Wednesday.
BUSINESS
November 30, 1985
National Bank of Detroit agreed to pay a $168,000 fine to the Treasury Department for failing to report 764 currency transactions worth $10,000 or more each. The violations of the Bank Secrecy Act, which seeks to detect the laundering of money associated with illegal activities, occurred between 1980 and this year, the Treasury said. Earlier in the week, Seafirst Bank of Seattle was fined $697,000 for similar offenses.
BUSINESS
February 15, 1986
Texas Commerce Bancshares of Houston agreed to pay the civil fine for failure to report large currency transactions. The Treasury Department said the fine covered more than 7,000 violations of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000. The law is aimed at giving law enforcement authorities a way to track money laundering activities by organized crime.
BUSINESS
March 7, 1985
Federal agents have 41 banks under investigation for failure to comply with laws to combat money laundering, and the probe could spread to as many as 100 others, the Treasury Department's top enforcement officer told the House Banking Committee. John M. Walker Jr., assistant secretary of the Treasury, declined to identify those banks under investigation. The Bank Secrecy Act of 1970 requires banks to report large cash transactions to federal regulators.
BUSINESS
August 24, 2006 | E. Scott Reckard, Times Staff Writer
Wells Fargo & Co.'s safeguards for detecting illicit banking activities by terrorists, drug smugglers and other criminals were so weak that federal regulators should have publicly reprimanded the San Francisco-based bank, according to a Treasury Department report released Wednesday.
CALIFORNIA | LOCAL
December 29, 1999
Re "Reporting Laws Turn Banks Into Government Agents," Dec. 24: Kudos for disclosing how the feds compel banks to act as secret informers against their customers. The old law (ironically entitled the Bank Secrecy Act) was bad enough, but it only required reporting of cash transactions above $10,000. Now we have to accept being psychoanalyzed and risk being ratted on for a "nervous demeanor" or "hidden agenda" (whatever that means)! Your examples cited of funds wrongfully seized and lives wrongfully ruined (with bank and government both immune from liability, of course)
BUSINESS
January 25, 2005 | Josh Friedman, Times Staff Writer
The parent of Beverly Hills-based City National Bank, which caters to businesses and wealthy individuals, expects to reach a settlement with federal regulators over its compliance with the Bank Secrecy Act and other laws against money laundering. City National Corp. said in a news release and a Securities and Exchange Commission filing Jan.
BUSINESS
January 25, 2005 | Josh Friedman, Times Staff Writer
The parent of Beverly Hills-based City National Bank, which caters to businesses and wealthy individuals, expects to reach a settlement with federal regulators over its compliance with the Bank Secrecy Act and other laws against money laundering. City National Corp. said in a news release and a Securities and Exchange Commission filing Jan.
CALIFORNIA | LOCAL
December 29, 1999
Re "Reporting Laws Turn Banks Into Government Agents," Dec. 24: Kudos for disclosing how the feds compel banks to act as secret informers against their customers. The old law (ironically entitled the Bank Secrecy Act) was bad enough, but it only required reporting of cash transactions above $10,000. Now we have to accept being psychoanalyzed and risk being ratted on for a "nervous demeanor" or "hidden agenda" (whatever that means)! Your examples cited of funds wrongfully seized and lives wrongfully ruined (with bank and government both immune from liability, of course)
BUSINESS
February 15, 1986
Texas Commerce Bancshares of Houston agreed to pay the civil fine for failure to report large currency transactions. The Treasury Department said the fine covered more than 7,000 violations of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000. The law is aimed at giving law enforcement authorities a way to track money laundering activities by organized crime.
BUSINESS
February 15, 1986 | Associated Press
Texas Commerce Bancshares, a large Houston bank holding company, has agreed to pay a $1.9-million civil fine in the third-largest penalty imposed in a crackdown on failures to report large currency transactions, officials said Friday. The Treasury Department said the fine covered more than 7,000 violations of the Bank Secrecy Act, which requires banks to report any cash transactions involving more than $10,000.
NEWS
January 22, 1986 | JOHN M. BRODER, Times Staff Writer
BankAmerica Corp., suffering twin blows Tuesday, was fined a record $4.75 million for violating federal cash-transaction reporting laws and announced a stunning $337-million loss for 1985, the bank's first annual loss since the Depression year of 1932. The bank also suspended dividend payments on its common stock, affecting 148,000 individual shareholders. BankAmerica had paid common share dividends continuously for 52 years.
CALIFORNIA | LOCAL
January 18, 1986 | GEORGE RAMOS, Times Staff Writer
A federal appellate decision last week that undermined the government's major weapon against money launderers has a "large time window" in which such criminals can still be prosecuted, a Los Angeles judge ruled Friday. U.S. District Judge William D. Keller said the appellate ruling, which overturned the convictions in Arizona of four people accused of money-laundering acts in 1982, could not be retroactive to a two-year period when such prosecutions were repeatedly upheld in the courts.
NEWS
January 15, 1986 | STEPHANIE O'NEILL, Times Staff Writer
A measure aimed at prohibiting criminals from laundering illegal drug profits through banks and other financial institutions sailed through the Senate Judiciary Committee Tuesday. The bill, sponsored by the Atty. Gen. John Van de Kamp and carried by Sen. Dan McCorquodale (D-San Jose), would help law enforcement authorities catch drug traffickers who are believed to conceal an estimated $10 billion to $20 billion in illegal profits in California banks each year.
WORLD
December 14, 2012 | By Daniel Hernandez
 MEXICO CITY -- The U.S. government's decision this week not to prosecute top executives at the global giant HSBC for the bank's systematic laundering of money tied to violent Mexican drug cartels or to hostile regimes has resulted in an interesting number. The U.S. fined the bank  a record $1.92 billion on Tuesday, saying HSBC is essentially too big to prosecute. With assets, subsidiaries and investments spanning the globe, pressing criminal charges against HSBC could harm the global financial network at large, the Justice Department reasoned.
NEWS
January 15, 1986 | STEPHANIE O'NEILL, Times Staff Writer
A measure aimed at prohibiting criminals from laundering illegal drug profits through banks and other financial institutions sailed through the Senate Judiciary Committee Tuesday. The bill, sponsored by the Atty. Gen. John Van de Kamp and carried by Sen. Dan McCorquodale (D-San Jose), would help law enforcement authorities catch drug traffickers who are believed to conceal an estimated $10 billion to $20 billion in illegal profits in California banks each year.
NEWS
January 14, 1986 | RONALD L. SOBLE, Times Staff Writer
A government prosecutor stung by a recent appellate court decision on Monday told a federal judge in Los Angeles that stepped-up efforts to curtail profiteering by drug traffickers would be defeated unless the government's basic law to control money laundering made individuals just as culpable as financial institutions. "Every (money laundering) conviction of the past few years (could) be gutted and rendered meaningless," Brian A. Sun, an assistant U.S. attorney, told U.S.
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