AM-SOUTH BANK TO PAY MULTI-MILLION DOLLAR PENALTY & FINES
By: Import User
Updated: January 7, 2009
Birmingham based Am-South Bank has agreed to pay a multi-million dollar penalty for what Federal Banking Regulators and Prosecutors claim was a break-down in money laundering controls.
According to a report in the Wall Street Journal, the bank revealed that it was under a grand jury probe. The bank came to an agreement with the Justice Department to pay a 40-million dollar fine....in return, prosecutors will defer criminal charges for one year, while the bank improves it`s money-laundering controls.
Am-South also has to pay a 10-million dollar penalty to the Treasury Department Financial Crimes Unit for the Regulatory Bank Secrecy Act.
