The Saudi Arabian ambassador to the United States said on Sunday there is no link between a U.S. investigation into a Washington bank’s possible failure to follow anti-money laundering laws and his country. The Office of the Comptroller of the Currency is considering civil monetary penalties against Riggs Bank in connection with potential violations of the Bank Secrecy Act and failure to comply with a consent order aimed at ensuring Riggs’ compliance with anti-money laundering laws, according to a filing by its parent company, Riggs National Corp., made with securities regulators last month. “Riggs Bank’s problem is a regulation problem that has nothing to do with Saudi Arabia,” Saudi Ambassador Prince Bandar bin Sultan said on NBC television’s “Meet the Press.” The Bank Secrecy Act, passed in 1970, requires banks to report large cash transactions, and to maintain records of such things as deposits and checks paid. It is designed to prevent money laundering, which involves transfers designed to conceal the money’s source. Full Story
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