FDIC Assesses Civil Money Penalty Against Bank of Mingo, Williamson, WV — 2015-06-15

The Federal Deposit Insurance Corporation (FDIC) today announced the assessment of civil money penalties of $3.5 million against Bank of Mingo, Williamson, West Virginia, for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations. In a concurrent action, the Financial Crimes Enforcement Network (FinCEN) assessed civil money penalties of $4.5 million. Bank of Mingo also settled criminal charges, on related activities, brought by the U.S. Department of Justice, U.S. Attorney's Office for the Southern District of West Virginia, in a deferred prosecution agreement providing for $2.2 million in asset forfeiture against the institution. FinCEN's $4.5 million civil money penalty is offset by the FDIC's $3.5 million assessment and both are offset by the $2.2 million asset forfeiture. The $2.2 million asset forfeiture will be paid to the Department of Justice, and the remaining $2.3 million in penalties will be paid to the United States Treasury.