Violation Tracker Individual Record

Company: 
Riggs Bank
Current Parent Company: 
PNC Financial Services
Penalty: 
$16,000,000
Year: 
2005
Date: 
January 27, 2005
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Violation Description: 

Riggs Bank pleaded guilty to a federal criminal violation of the Bank Secrecy Act in connection with what was said to be Riggs' repeated and systemic failure accurately to report suspicious monetary transactions associated with bank accounts owned and controlled by Augusto Pinochet of Chile and by the government of Equatorial Guinea.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
U.S. Attorney-District of Columbia
Civil or Criminal Case: 
criminal
HQ Country of Parent: 
USA
HQ State of Parent: 
Pennsylvania
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.