TCF Financial Fined $10 Million

TCF Financial Corp. has been fined $10 million for failing to adequately monitor suspicious bank transactions that may have included ties to terrorist activity.

 

 

 

 

MINNEAPOLIS (AP) - TCF Financial Corp. has been fined $10 million for failing to adequately monitor suspicious bank transactions that may have included ties to terrorist activity.

Federal officials accused the bank of mishandling mandatory reports regarding questionable dealings.

The federal Bank Secrecy Act requires financial institutions to make sure illegal money doesn't get laundered through their organization.

According to a consent order, TCF has agreed to pay the fine. The bank also agreed to refile 13 questionable reports and do employee training.

TCF says in a statement it has overhauled its program for complying with the Bank Secrecy Act.

TCF spokesman Jason Korstange says the bank thoroughly examined its accounts and found no evidence of terrorist-related activities.

 

AP

   

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