BONY Gets Boned on Money Laundering Settlement

Nine years after two Russian emigres--Lucy Edwards (pictured) and husband Peter Berlin--first set up accounts to begin laundering an estimated $7 billion, their former employer, Bank of New York, agreed to cough up $38 million in penalties and victim compensation. The settlement comes on the heels of Riggs Bank’s $41 million penalty earlier this year. The Bank of New York acknowledged in the settlement that it had failed to adequately police and intentionally failed to report suspect accounts at the bank and agreed to make “sweeping internal reforms to ensure compliance with its antifraud and money laundering obligations.”
Bank Settles Money Laundering Case [NY Times]

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