The good patriotAnti-terror rules mean new hassles for U.S. financial firm

[seemslikeadream]

Lax internal controls have caught up with Riggs National Bank, which caters to the international community in Washington.

Last month, Riggs agreed to pay a $25 million civil fine after regulators discovered the company failed to monitor or report cash withdraws and international drafts that were returned to the bank.

On top of Riggs, U.S. regulators slapped Swiss-banking giant UBS with a $100 million fine for violating dollar-trading restrictions with Cuba, Iran, Libya and the former Yugoslavia.

In the ongoing war on terror, some financial companies wonder if their new controls are bearing fruit. It is common for financial companies never to hear back from the government on a suspicious transaction they report. Added Djinis, the former Treasury lawyer: "There's been a great deal of frustration."

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http://cbs.marketwatch.com/news/story.asp?guid=%7BBA74BCE3-F4A7-4D13-A15F-19621D0E10A2%7D&siteid=google&dist=google

[dbt]

1. Watch those Anti-Terror rules disappear

if they prove too inconvenient to Big Business.

:freak:
dbt

(Good morning, slad!!)

[ixion]

2. yep, you got it... it's okay to trash individual civil liberties, but

the glorious corporations, well, the WH holds their superiority self evident.

Seriously... the world is upside down now. And it's making me :puke:.. Someone please put it rightside up.... please. :-(

[seemslikeadream]

3. Good Morning to you dbt!

I was thinking about you yesterday when they were messin' with my beautiful blue sky. What did you call those shadows again?

I wonder who's making and selling all those chemicals?

Riggs Bank seemed getting around that money laundering thing only a 25 million dollar fine, small potatoes for big results.