Alerts

Summary of Deferred Prosecution Agreement and Civil Enforcement Actions Against Union Bank of California

November 26, 2007
SRZ Client Memorandum

On September 17, 2007, the Department of Justice ("DOJ"), the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of Treasury, and the Office of the Comptroller of the Currency ("OCC") simultaneously announced that it entered into separate agreements with Union Bank of California, N.A. ("Union Bank" or the "Bank") resolving allegations that Union Bank failed to maintain an effective anti-money laundering ("AML") program reasonably designed to identify and report suspicious transactions. Based in San Francisco, California, Union Bank provides a wide range of financial services to consumers and corporations, primarily in California, Oregon and Washington.