Feds' Crackdown on Dirty Money Exacts Toll on Banks

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005619-feds-crackdown-on-dirty-money-exacts-toll/

Laundering money won?t be as easy as it used to be, according to a story running in yesterday?s Palm Beach Post. Just ask BankAtlantic, hit last week with a $10 million dollar fine for doing just that. The bank faces charges that it allowed $50 million in suspicious money to flow through its Miami branch.

Post 9/11, banks are under increased scrutiny to regulate transactions. “It’s a whole new world,” said Russell Greene, president of West Palm Beach-based Grand Bank & Trust. “My compliance expense has gone from somewhat negligible to $500,000 a year.”

You can read more about this story at Feds’ crackdown on dirty money exacts toll on banks.