Financial Crimes Enforcement Network Assesses $25,000 Penalty Against Eurobank for Anti-Money Laundering Violations

Washington D.C.

The Financial Crimes Enforcement Network (FinCEN) has assessed a $25,000 penalty against Eurobank for repeated violations of anti-money laundering regulations.

Repeated Failures to Report Suspicious Transactions

According to FinCEN’s assessment, Eurobank failed to timely report suspicious transactions on 48% of occasions between 2005 and 2008. The average delinquency rate ranged from 23% in 2005 to 58% in 2007.

Inadequate Anti-Money Laundering Program

The assessment found that Eurobank’s inadequate anti-money laundering program led to a pattern of consistently filing delinquent suspicious activity reports over an extended period of time. The bank’s failures included:

Inadequate monitoring for suspicious activity across its business lines
Failing to investigate suspicious activity in a timely and complete manner
Failing to file complete, timely, and accurate suspicious activity reports

Civil Money Penalty Assessed

The violations were serious enough that FinCEN has determined that a civil money penalty is due under the Bank Secrecy Act (BSA) and regulations issued pursuant to that act. The agency has assessed a $25,000 penalty, which will be concurrent with a $25,000 civil money penalty assessed by the Federal Deposit Insurance Corporation (FDIC).

Eurobank has consented to the assessment without admitting or denying the facts or determinations described in FinCEN’s assessment.

“FinCEN takes seriously its mission to protect the financial system from illegal and illicit activities,” said James H. Freis, Jr., Director of FinCEN. “We will continue to work with financial institutions like Eurobank to ensure compliance with anti-money laundering regulations and prevent violations.”

Payment Terms

The consent agreement requires Eurobank to pay the $25,000 penalty in one payment to the United States Department of the Treasury.

Source: Financial Crimes Enforcement Network (FinCEN)