Page:United States Statutes at Large Volume 106 Part 5.djvu/411

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PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4049 " (ii) NOTICE OF TERMINATION; PRETERMINATION HEARING.—After receipt of written notification from the Attorney General by the Corporation of such a conviction, the Board of Directors shall issue to the insured depository institution a notice of its intention to terminate the insured status of the insured depository institution and schedule a hearing on the matter, whidi shall be conducted in all respects as a termination hearing pursuant to paragraphs (3) through (5) of subsection (a). "(B) CONVICTION OF TITLE 3I OFFENSES. —If an insured State depository institution is convicted of any criminal offense under section 5322 of title 31, United States Code, after receipt of written notification from the Attorney General by the Corporation, the Board of Directors may initiate Sroceedings to terminate the insured status of the insured epository institution in the manner described in subparagraph (A). "(C) NOTICE TO STATE SUPERVISOR. —The Corporation shall simultaneously transmit a copy of any notice issued under this paragraph to the appropriate State financial institutions supervisor. "(2) FACTORS TO BE CONSIDERED.— In determining whether to terminate insurance under paragraph (1), the Board of Directors shall take into account the following factors: "(A) The extent to which directors or senior executive officers of the depository institution knew of, or were involved in, the commission of the money laundering offense of which the institution was found guilty. "(B) The extent to which the offense occurred despite the existence of policies and procedures within the depository institution which were designed to prevent the occurrence of any such offense.

    • (C) The extent to which the depository institution

has fully cooperated with law enforcement authorities with respect to the investigation of the money laundering offense of which the institution was found guilty. "(D) The extent to which the depositor/ institution has implemented additional internal controls (since the commission of the offense of which the depository institution was found guilty) to prevent the occurrence of any other money laundering offense. "(E) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the termination of insurance. "(3) NOTICE TO STATE BANKING SUPERVISOR AND PUBLIC. — When the order to terminate insured status initiated pursuant to this subsection is final, the Board of Directors shall— "(A) notify the State banking supervisor of any State depository institution described in paragraph (1) and the Omce of Thrift Supervision, where appropriate, at least 10 days prior to the effective date of the order of termination of the insured status of such depository institution, including a State branch of a foreign bank; and

    • (B) publish notice of the termination of the insured Federal

status of the depository institution in the Federal Register. ^®bi^**t"