Another Riggs Bank Shoe Drops
By Andrew Cochran
Banco de Chile, the second largest bank in that country, has agreed to close all accounts of former dictator Augusto Pinochet and his attorney, and to institute a more rigorous Bank Secrecy Act compliance program, similar to what Riggs Bank agreed to in its guilty plea. The agreement was part of a consent order with U.S. financial regulators here and here. Unlike Riggs, however, Banco de Chile was not fined. A judge in Spain recently issued a new indictment against the Pinochet attorney and four Riggs directors.