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WaMu Escapes Fine So Far in BSA Cease & Desist

Washington Mutual, the nation's largest thrift, has been slapped with a cease and desist order by the Office of Thrift Supervision for Bank Secrecy Act violations.

By Staff Writer | Updated on October 30, 2007

WASHINGTON–Washington Mutual, the nation’s largest thrift, has been slapped with a cease and desist order by the Office of Thrift Supervision for Bank Secrecy Act violations.

The C&D, to which WaMu did not admit or deny fault, does not levy any fines but outlines the steps the thrift must take to get back in the OTS’ good graces. Under the stipulations, WaMu must submit an acceptable written plan to OTS to ensure against future violations and it must be fully implemented by March 31, 2008. The plan must strengthen internal controls and independent testing as well as provide adequate resources to the BSA officer.

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