ROSEVILLE, Calif., Feb. 7, 2018 — Rabobank, N.A. (National Association), a California-based subsidiary of Coöperatieve Rabobank U.A., has entered into agreements with the U.S. Department of Justice and the Office of the Comptroller of the Currency (OCC). The agreements conclude previously reported investigations involving Bank Secrecy Act anti-money laundering (BSA/AML) compliance program deficiencies and related conduct by certain former employees before 2014. Recognizing the material improvements the bank has made to its BSA/AML compliance program, the OCC has also terminated the consent order issued in December 2013.
The bank has agreed to pay approximately $369 million in forfeiture and civil money penalties and fines, and plead guilty to one charge of conspiring to obstruct a regulatory examination. Under the plea agreement’s terms, no further action will be taken against the bank with regard to its BSA/AML compliance program and related conduct. Given the overlapping nature of the investigations and the bank’s remediation, no additional penalties or measures will be sought by the Financial Crimes Enforcement Network (FinCEN), which has also concluded its examination.
“Settling these matters is important for the bank’s mission here in California,” said Mark Borrecco, chief executive officer of Rabobank, N.A. “Reinforced with strong levels of capital and liquidity, and enhanced internal controls and risk management functions, we are committed to growing with our customers for years to come.”