(Rabobank enters Guilty Plea)…The plea was entered Wednesday in San Diego Federal Court.
The Bank has agreed to pay over $360 million. The bank faced a felony conspiracy charge for impairing, impeding and obstructing its primary regulator, the Department of the Treasury’s Office of the Comptroller of the Currency by concealing deficiencies in its anti-money laundering program and for obstructing the OCC’s examination of Rabobank. The Bank will forfeit $368, 701,259 as a result of allowing illicit funds to be processed through the bank without adequate Bank Secrecy Act or AML review. The Fed’s say Rabobank’s border branches, including those in Calexico and Tecate were heavily dependent on cash deposits from Mexico. In particular the Calexico branch, located two blocks from the US/Mexico Border, was the highest performing branch in the Imperial Valley region due to cash deposits from Mexico.