July 23, 2019 / 7:54 PM / 7 months ago

U.S. regulator fines ex-Rabobank officer $50,000 for bank secrecy violations

WASHINGTON (Reuters) - U.S. Office of the Comptroller of the Currency said on Tuesday it imposed a $50,000 penalty on the California unit of Dutch lender Rabobank, N.A. for violations of the Bank Secrecy Act by its former general counsel.

The regulator also prohibited the officer from “participating in the affairs of any federally insured depository institution,” it said in a statement.

The consent order came after the OCC previously imposed a $50 million civil penalty on the bank in March 2019 for deficiencies in its anti-money laundering compliance program.

Reporting by Katanga Johnson; Editing by Dan Grebler

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