The Bank of Mingo has agreed to admit to not taking sufficient steps to prevent money laundering and forfeit $2.2 million to the government, according to records filed in U.S. District Court in Charleston, W.Va.
In an agreement signed
by bank corporate officer Randall T. Brumfield, the bank admits that an
employee of the Williamson branch “knowingly and willfully” failed to take
required measures to impede the practice. That employee has now been replaced.
The case included allegations that the bank did not obtain sufficient customer
information, allowed structured cash transactions to evade reporting
requirements, and did not file reports on suspicious activity.
The bank now has
one year to forfeit the money and demonstrate that it has changed procedures to
comply with the law. If the government is satisfied that all conditions are
met, the criminal charge will be dismissed.