For immediate release

The Federal Reserve Board on Thursday announced the issuance of a consent Order to Cease and Desist against Riggs National Corporation, Washington, D.C., a bank holding company. Riggs National Corporation, without admitting to any allegations, consented to the issuance of the Order to address management, capital, and contingency planning matters. The Federal Reserve Board simultaneously announced the termination of the May 14, 2004 consent Order to Cease and Desist against Riggs National Corporation and Riggs International Banking Corporation, Miami, Florida, an Edge corporation. This action reflects the closing of the Edge corporation as of December 31, 2004. In a separate, coordinated action, the Office of the Comptroller of the Currency on Thursday announced the modification of its consent Order to Cease and Desist dated May 13, 2004 against Riggs Bank, N.A., McLean, Virginia. In another action, Riggs Bank, N.A., on Thursday pled guilty to criminal violations of the Bank Secrecy Act relating to the bank's failure to timely and accurately report suspicious transactions. A copy of the Board's Order is attached. Attachment (204 KB PDF)

2005 Enforcement actions