Seven months after it admitted failing to report over $1 billion in large, cash transactions to the federal government, the Bank of Boston has released its internal investigation into the matter. In a report, five members of the bank's board of directors blame the extensive noncomplaince on poor judgment and sloppy management. Several departments and top executives, including chairman William L. Brown, bear some responsibility, and especially culpable employees should be disciplined, but not publicly, they said.
The directors found no evidence that company employees had profited from the violations or conspired with customers not to report currency transactions. Last winter the bank paid a $500,000 fine.