This marks the first time a financial institution has been penalized for its dealings with Jeffrey Epstein, says the New York Department of Financial Services.
The fine marked the first time a financial institution has been penalized for its dealings with the late financier, said the New York Department of Financial Services , an agency of the state government.
"Banks are the first line of defense with respect to preventing the facilitation of crime through the financial system, and it is fundamental that banks tailor the monitoring of their customers' activity based upon the types of risk that are posed by a particular customer," said DFS Superintendent Linda Lacewell.
The financial regulator said the bank should have raised red flags over transactions that included"settlement payments totaling over $7 million, as well as dozens of payments to law firms totaling over $6 million for what appear to have been the legal expenses of Mr. Epstein and his co-conspirators."
The DFS added that the regulators also found"periodic suspicious cash withdrawals — in total, more than $800,000 over approximately 4 years."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deutsche Bank and Google agree on multi-year, strategic partnership
Read more »
Next World Bank, IMF meetings to be virtual: World Bank chief
Read more »
Only over 1.3M of 17M beneficiaries received 2nd tranche of cash aid — DSWDThe DSWD bared that only over 1.3 million out of 17 million target beneficiaries have so far received the second tranche of the emergency subsidy from the national government in response to the coronavirus pandemic. | NAMercadoINQ
Read more »
2 Ilocos Sur cops in sex assault, ambush-slay face dismissalGeneral Archie Francisco Gamboa, chief of the Philippine National Police (PNP) vowed on Monday to dismiss within 15 days the two policemen from Ilocos Sur who were accused of sexually assaulting two teenage girls and even killing one of them, a 15-year old girl, apparently to silence her after she filed a complaint.
Read more »
11.8 million households assessed in DSWD’s Listahanan 3The Department of Social Welfare and Development (DSWD)- National Household Targeting Office (NHTO) said on Monday, July 6 that it has assessed over 11.8 million households under its 'Listahanan 3' program or the third round of assessment of poor households in the country.
Read more »
PBA fines Aguilar, Wong for playing in pickup gameDid you miss this? Barangay Ginebra star Japeth Aguilar and Rain or Shine rookie Adrian Wong will each pay a P20,000 fine and undergo 30 hours of community service.
Read more »