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October 14, 2004

AmSouth to pay $50 million in security noncompliance settlements

The matter initially arose out of a fraudulent note scheme committed by two bank customers, Louis Hamric and Victor Nance, but was subsequently expanded to include certain other specific matters, including AmSouth's general policies and procedures for Bank Secrecy Act compliance.

AmSouth has also entered into a cease and desist order with the Federal Reserve and the Alabama Department of Banking, and an order with FinCEN relating to deficiencies in AmSouth's compliance with the Bank Secrecy Act.

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Posted by Tom Troceen