Two federal regulators on Friday announced fines against the Zions First National Bank unit of Zions Bancorp., citing problems with its anti-money-laundering program.
The $17 billion-asset bank was assessed civil money penalties totaling $8 million by the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network. The Salt Lake City bank consented to the fines without admitting guilt.
The two regulators said Zions showed deficiencies in how it managed correspondent relationships with foreign exchange bureaus.
In press releases, the regulators said institutions that develop new remote deposit capture products must also strengthen their AML measures.
"Both traditional and emerging products and services, such as remote deposit capture, must be accompanied by appropriate compliance measures to manage the risk for abuse," Fincen Director James Freis said.
The OCC said Zions had marketed a remote deposit capture product "without sufficient regard to" Bank Secrecy Act and AML "compliance implications."
