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What Is Civil Monetary Penalty Insurance?

What Is Civil Monetary Penalty Insurance?

As a result of investigations into potential wrongdoing by financial institutions, regulators may impose fines, called civil money penalties, on individuals within the institution. These fines can grow to be quite large and have a significant impact on the assets of the individual being penalized. The possibility of such a penalty is a risk that is taken by directors and officers of banks on a regular basis. It is possible to alleviate this risk, however, by taking out a civil…

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