Riggs Bank Faces Investigations, Fines, and Rating Losses Due to Money Laundering Violations

Riggs Bank has suffered substantially from U.S. Government investigations of violations of U.S. anti-money laundering laws. The media has reported that the Riggs Bank and its bank officers and directors may be sanctioned individually. Riggs problems illustrate the new demands for banks to pay enhanced scrutiny to risky products, particularly private banking accounts, politically exposed persons (PEPS), especially heads of state (e.g., Teodoro Obiang Nguema Mbasoago)...[more]