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US Fines Zions Bancorp Unit $8 Million On Money Laundering Rules

DOW JONES NEWSWIRES U.S. regulators fined a Zions Bancorp (ZION) subsidiary bank $8 million for deficiencies in its anti-money laundering controls Friday. The Office of the Comptroller of the Currency levied the civil penalty against Zions First National Bank for violations of the Bank Secrecy Act and the USA Patriot Act. In a statement, Zions Bank Chief Executive Scott Anderson said the company takes its compliance with federal laws and regulations very seriously and regrets the circumstances that led to the fine. The OCC said the bank had developed a remote deposit capture product, which let customers to deposit items electronically from remote locations, and marketed the product to high-risk customers in 2006 and 2007 "without sufficient regard to" complying with banking secrecy and anti-money laundering rules. The OCC also said Zions First National Bank exited the foreign correspondent line of business in early 2008, voluntarily reviewed it and reported suspicious activity. Anderson said that after Zions Bank identified the problem, it cooperated fully with regulators in investigating it. "Additionally, over the past three years, we have employed considerable resources bank wide to significantly enhance our systems designed to detect and report potentially suspicious activities," he said Friday. The Financial Crimes Enforcement Network--another Treasury agency, which specializes in battling money laundering--assessed another $8 million penalty against Zions concurrent with the OCCs, but a single $8 million payment to the U.S. Treasury will satisfy both. John Walsh, acting comptroller of the currency said that the fines send "another strong message that banks need to be vigilant and ensure that they have effective anti-money laundering programs in place." Zions Bancorp, the parent company, has posted quarterly losses for more than two years, as improvements in credit quality and loan-loss provisions have failed to reach a point of profitability, though it expects to return to the black this year. Zions Bancorp shares were up 1.8% at $25.04 in recent trading. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Zions Bancorporation (ZION)
DateTimeHeadline
07/28/201506:02:24Current Report Filing (8-k)
07/21/201511:27:49Statement of Changes in Beneficial Ownership (4)
07/20/201516:19:13Current Report Filing (8-k)
07/20/201516:10:00Zions Bancorporation Reports Second Quarter 2015 Results
07/16/201518:53:12Janet Yellen Supports Changes to Systemically Important Distinction
07/16/201517:43:00Zions Bancorporation Board Declares Dividends For Common And...
07/06/201510:30:00California Bank & Trust Hires Ardy Farokhirad as New Greater...
07/02/201514:34:07Statement of Changes in Beneficial Ownership (4)
07/01/201518:47:20Statement of Changes in Beneficial Ownership (4)
07/01/201518:47:20Statement of Changes in Beneficial Ownership (4)
07/01/201518:46:52Statement of Changes in Beneficial Ownership (4)
07/01/201518:46:23Statement of Changes in Beneficial Ownership (4)
07/01/201516:55:45Securities Registration: Employee Benefit Plan (s-8)
06/30/201515:39:49Statement of Changes in Beneficial Ownership (4)
06/25/201510:36:00Final Phase of Dallas Senior Living Community Opens with Help...
06/24/201516:10:00Zions Bancorporation To Report Second Quarter 2015 Earnings Results
06/24/201516:08:22Annual Report of Employee Stock Plans (11-k)
06/22/201516:46:10Statement of Changes in Beneficial Ownership (4)
06/19/201516:12:52Statement of Changes in Beneficial Ownership (4)
06/16/201508:50:07Zions Sells Remainder of Its CDO Portfolio

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