BSA Violation Costs CA Bank $10 Million

Anti-Money Laundering

FinCEN and OCC Assess Civil Penalties Against Union Bank in Deferred Prosecution Agreement

Union Bank of California, N.A., a wholly-owned subsidiary of UnionBanCal Corporation, based in San Francisco, earlier this month entered into a deferred prosecution agreement regarding charges of failing to maintain an effective anti-money laundering program, and will forfeit $21.6 million to the U.S. government. The bank will also pay $10 million to The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC).