BUSINESS BRIEFS
Central Pacific activity halted
Advertiser Staff and News Services
Central Pacific Financial Corp. agreed to a cease-and- desist order with regulators after they found the company's ability to monitor large currency transactions deficient.
The order, issued by the Federal Deposit Insurance Corp. and Hawaii Division of Financial Institutions, concerns compliance with the Bank Secrecy Act, Central Pacific said yesterday in a news release. Bank Secrecy Act regulations were tightened after the 2001 terror attacks and now require financial institutions to monitor and report transactions of $10,000 or more.
The agreement requires Central Pacific Bank to improve detection, monitoring and reporting of large transactions and other unspecified "suspicious activity." The remedies include hiring more staff and strengthening internal controls, the bank said.
"Central Pacific Bank has always taken Bank Secrecy Act regulations very seriously and is committed to full compliance," Chief Executive Officer Clint Arnoldus said in the statement. "We expect to be able to fully comply with the order by mid-year 2007 and will seek to have the order rescinded soon thereafter."
HORIZON GETS NEW CARGO SHIP
Horizon Lines Inc., Hawai'i's No. 2 cargo shipper, took delivery of a new containership, the Horizon Hunter, from the Hyundai Mipo shipyard in South Korea.
The Horizon Hunter is the first of five new vessels the company is chartering from subsidiaries of Ship Finance International Ltd. The new vessels will be deployed in Horizon's service between the Mainland, Guam and Asia that begins early next year.
HARLEY-DAVIDSON GIVEN TAX CREDITS
MILWAUKEE — The state of Wisconsin has given Harley-Davidson Inc. $4.5 million in tax credits to support the motorcycle maker's expansion of operations in Wisconsin, including the addition of up to 200 jobs.
The Milwaukee-based company will receive the tax credits in exchange for investing $300 million over the next few years on a plant expansion and workforce training, Gov. Jim Doyle announced yesterday.
BANK OF AMERICA CFO IS RESIGNING
CHARLOTTE, N.C. — Bank of America Corp. announced yesterday that its chief financial officer, Al G. de Molina, will resign at the end of the year and be succeeded by fellow executive Joe Price.
The announcement came just 15 months after de Molina was named to the position. In a statement, de Molina said he wanted to pursue other business opportunities.
Chairman and Chief Executive Kenneth D. Lewis said in a statement that de Molina had made contributions during his tenure. Price, 45, is the risk management executive for the bank's global corporate and investment banking division. He joined Bank of America in 1993 from the accounting firm PriceWaterhouse.
