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D.C. Bank Connected with Saudi Embassy Fined $25 Million for Money-Laundering


(AP/Los Angeles Times) - Federal regulators fined the Washington, D.C.-based Riggs Bank $25 million Thursday for allegedly violating anti-money laundering laws in its handling of tens of millions in cash transactions in Saudi-controlled accounts under investigation for possible links to terrorism financing. "Riggs failed to properly monitor, and report as suspicious, transactions involving tens of millions of dollars in cash withdrawals, international drafts that were returned to the bank, and numerous sequentially numbered cashier's checks," the Treasury Department said.
2004-05-17 00:00:00
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