Federal Reserve Release, Press Release; image with eagle logo links to home page
Release Date: May 14, 2004

For immediate release

The Federal Reserve Board on Friday announced the issuance of a consent Order to Cease and Desist (532 KB PDF) against Riggs National Corporation, Washington, D.C., a bank holding company, and Riggs International Banking Corporation, Miami, Florida, an Edge corporation.

Riggs National Corporation and Riggs International Banking Corporation, without admitting to any allegations, consented to the issuance of the Order in connection with deficiencies relating to the lack of oversight, internal controls and procedures to ensure compliance with the Bank Secrecy Act.

In separate, coordinated actions, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network announced the issuance of a consent order and the assessment of a civil money penalty against Riggs Bank, N.A., a subsidiary of Riggs National Corporation and the parent of Riggs International Banking Corporation. The order and penalty relate to violations of the Bank Secrecy Act.

Attachment (532 KB PDF)

2004 Enforcement actions

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Last update: May 14, 2004