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NCJRS Abstract

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NCJ Number: 136583 Find in a Library
Title: Taking It to the Banks: The Use of the Criminal Process to Regulate Financial Institutions
Journal: Banking Law Journal  Volume:109  Issue:1  Dated:(January-February 1992)  Pages:28-45
Author(s): R S Bennett; A Kriegel; C S Rauh; J W Halliday; M McKay
Date Published: 1992
Page Count: 18
Type: Legislation/Policy Analysis
Format: Article
Language: English
Country: United States of America
Annotation: The main criminal and quasi-criminal laws available to Federal prosecutors for the prosecution of abuses in the banking industry are described, using hypothetical examples to show how a bank's actions with respect to regulators, borrowers, depositors, and other banks may result in prosecution under these laws.
Abstract: As a result of the savings and loan bailout, the war on drugs, and other recent events, no sector of American business faces greater exposure to increased criminal enforcement activity over the next several years than the financial services industry. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990 are recent laws related to this issue. These and other laws make possible prosecution for bank bribery, misapplication of funds and embezzlement, false statements, mail and wire fraud, bank fraud, bank larceny, money laundering, aiding and abetting, conspiracy, and obstructing criminal investigations. Prosecution may also be initiated under the Bank Secrecy Act and the Racketeer Influenced and Corrupt Organizations statute. To avoid exposure, banks must establish and closely monitor a compliance program designed to deter and detect any abuses and inquire diligently into the financial status and business activities of significant new depositors. 39 footnotes
Main Term(s): Bank fraud; Financial institutions
Index Term(s): Bank Secrecy Act; Federal Code; Prosecution; Racketeer Influenced and Corrupt Organizations (RICO) Act
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