BankAtlantic Bancorp

The United States Justice Department filed charges against the bank for allegedly failing to detect millions of dollars in drug money wired to accounts at the Fort Lauderdale institution. The retail bank failed to maintain an anti-money laundering compliance program. According to the Justice Department, between 1997 and 2004, more than $50 million of suspicious money was wire transferred to a handful of BankAtlantic accounts. BankAtlantic Bancorp has agreed to pay a $10 million civil penalty for money laundering. (Apr-27-06) [MIAMI HERALD]

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