Reply #48: Bank of New York seeks to avert charges [View All]

http://msnbc.msn.com/id/6617856/

NEW YORK - Bank of New York Co. Inc. is talking to U.S. prosecutors about paying a $24 million penalty in order avoid a criminal indictment on charges of failing to report suspicious activity at a branch, the Wall Street Journal reported on Tuesday.

Suspicious activity could be an indication of money laundering, fraud and other financial crimes.

The No. 9 U.S. bank is in discussions with the U.S. Attorney for the Eastern District of New York to pay the penalty, cooperate with prosecutors and agree to independent monitoring of its compliance program, people familiar with the matter told the newspaper.

The case concerns RW Professional Leasing Services Corp., which arranges financing when health care providers want to lease medical equipment, and Myrna Katz, a Bank of New York branch manager who has been indicted for bank and wire fraud.

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