AmSouth Announces Lifting of Enforcement Action
20 Avril 2006 - 8:36PM
Business Wire
AmSouth Bancorporation (NYSE: ASO) announced today that the Federal
Reserve Bank of Atlanta and the State of Alabama Banking Department
have terminated the Cease and Desist Order entered into with
AmSouth Bancorporation and AmSouth Bank in October 2004. The order
related to the bank's obligation to detect and report suspicious
activity under the Bank Secrecy Act. AmSouth has implemented new
policies and procedures to ensure compliance with the Bank Secrecy
Act, reviewed account activity, increased employee training, and
taken other steps to strengthen internal controls. As a result,
AmSouth has an effective compliance program in place and is
committed to maintaining it. "I commend our employees for their
outstanding efforts in implementing this program quickly and
effectively. It is due to their hard work and dedication that we
have an industry-leading compliance program," said Dowd Ritter,
AmSouth's chairman, president and chief executive officer. About
AmSouth AmSouth is a regional bank holding company with $53 billion
in assets, more than 680 branch banking offices and more than 1,200
ATMs. AmSouth operates in Florida, Tennessee, Alabama, Mississippi,
Louisiana and Georgia. AmSouth is a leader among regional banks in
the Southeast in several key business segments, including consumer
and commercial banking, small business banking, mortgage lending,
equipment leasing, and trust and investment management services.
AmSouth also offers a complete line of banking products and
services at its web site, www.amsouth.com.
Amsouth (NYSE:ASO)
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