Third US bank seeks waiver of criminal charges

[seemslikeadream]

Dec 03
Wall St Journal


Bank of New York is negotiating with US prosecutors to avert criminal charges being brought that it failed to report suspicious activity at a branch - the latest sign of an aggressive US crackdown on financial-services companies to thwart money laundering.

BNY is negotiating with the US Attorney for the Eastern District of New York to avert being charged in a case involving a Long Island, New York, medical-equipment leasing firm by agreeing to pay a $US24million ($30.7million) penalty, co-operate with prosecutors and submit to independent monitoring of its compliance program, sources said.

The bank is particularly vulnerable legally because in 2000, after a massive federal probe of Russian money laundering, it escaped criminal charges amid promises to undertake overhauls. Prosecutors contend the bank failed to notice suspicious activity and file timely reports with regulators despite those reforms. Banks must monitor closely all their accounts for signs of financial crimes - and prosecutors and regulators are getting tougher on violations as part of the war on terrorism.

If BNY strikes a deal, it would be the third time in recent years the Justice Department has agreed not to prosecute a bank for violating money-laundering regulations in exchange for co-operation, internal reforms and forfeiture payments. Amsouth Bancorp and Banco Popular de Puerto Rico deferred prosecution by agreeing to co-operate - and by paying more than $US20million each.

...

Prosecutors cranked up the campaign this year, after it was revealed Riggs Bank breached rules requiring banks to report suspicious activity.
more
http://afr.com/articles/2004/12/02/1101923267322.html

[htuttle]

1. "Bank robber seeks waiver of criminal charges"

Can you even imagine seeing THAT headline? For ANY reason?

Nope.

The laws are different where the banks are concerned. They don't seem to apply.

[Sara Beverley]

2. Can my niece gat a "waiver" for a nickel bag of weed?

No, she must serve her time and my sister must take care of her children. Maybe if she had stolen some retirement funds from workers she might be free today.

[aquart]

3. Would that be a license to aid terrorists and mobsters?

Why, yes. I believe it would.

[colonel odis]

4. wonder how much the bank of new york contributed to the bush campaign

the odds of getting the waiver should be proportionate to the size of the contribution.

[TahitiNut]

7. About $100,000?

2004 Bank of New York $223,650 Dem: 48%, Rep: 52%
2002 Bank of New York $148,965 Dem: 79%, Rep: 21%

http://www.opensecrets.org/industries/contrib.asp?Ind=F03


MC LEAN, WILLIAM C MR III BANK OF NEW YORK/PORTFOLIO MANAGER 3/9/2004 $2,000 Bush, George W

MURTAUGH, JEANNE L MRS BANK OF NEW YORK/EXECUTIVE 6/30/2003 $2,000 Bush, George W

PETTY, WILLIAM C MR III BANK OF NEW YORK - E.C.M./INVESTMEN 2/9/2004 $2,000 Bush, George W

RAPPOLD, CHARLES MR BANK OF NEW YORK/BANKER 6/20/2003 $2,000 Bush, George W

CALCAGNO, JACK J BANK OF NEW YORK 8/3/1999 $1,000 Bush, George W

DETWILER, LISA MS BANK OF NEW YORK/LAWYER 7/7/2003 $1,000 Bush, George W

LA SELLA, FRANCIS MR BANK OF NEW YORK/BROKERAGE 6/18/2003 $1,000 Bush, George W

<etc.>

[Supersedeas]

5. Waiver....wink wink, nod nod, National Security v. Eco-political Security

[UpInArms]

6. would that make them

"eco-terrorists"?

;)