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Mar 16, 2010 · The investigating agencies determined that Wachovia’s CDC business was high risk. Indeed, Miami was designated as a High Intensity Money Laundering and Related Financial Crime Area and a High Intensity Drug Trafficking Area.
A criminal information, filed March 12, 2010 and unsealed today, charges Wachovia with willfully failing to maintain an anti-money laundering program from May 2003 through June 2008, in violation of the Bank Secrecy Act (“BSA”).
Oct 30, 2023 · In 2010, the financial world was shaken when Wachovia Bank was fined a staggering $160 million for laundering over $380 billion on behalf of Mexican drug cartels. This monumental scandal not...
Mar 18, 2010 · A deferred prosecution agreement with the Justice Department resolved charges that the bank had willfully failed to establish a program to guard against money laundering.
The criminal indictment underlying the deferred prosecution agreement charges Wachovia with willfully failing to set up an anti-money-laundering program as required by the Bank Secrecy Act. As a result, the government alleges, Mexican casas de cambio (CDC) were able to launder drug money through Wachovia.
Mar 18, 2010 · Wachovia bank has agreed to pay $160m to settle charges brought by the US justice department and bank regulators that lax controls allowed Mexican drug cartels to launder millions of dollars...
Mar 17, 2010 · Federal bank examiners failed for at least four years to identify widespread signs of money laundering at Wachovia Bank, frustrating officials who helped levy a $160 million penalty against the institution last week.
