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May 13, 2004: Riggs Bank Agrees to Pay Fines for Not Reporting Suspicious Financial Transactions

2004-05-13

Riggs Bank agrees to pay $25 million in civil penalties for failing to report hundreds of millions of dollars in suspicious financial transactions by foreign customers in violation of US anti-money-laundering laws. Most of the transactions concerned the embassies of Saudi Arabia and Equatorial Guinea. [Washington Post, 5/14/2004]