Tag Archives: bad banks

FinCEN Penalizes California Bank for Egregious Violations of Anti-Money Laundering Laws

| February 28, 2017

Merchants failed to establish and implement an adequate anti-money laundering (AML) program OnlineEd Blog (February 28, 2017) – WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California of Carson, CA for willful violations of several provisions of the Bank Secrecy Act (BSA). The Office […]

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CFPB Fines Wells Fargo $100 Million for Opening Covert Credit Card Accounts

| September 8, 2016

Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds without consumer consent By Jeff Sorg, OnlineEd Blog (September 8, 2016) – In a press release today, the Consumer Financial Protection Bureau (CFPB) announced that is has fined Wells Fargo Bank, N.A. $100 million for the […]

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