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FCPA Blog Daily News

Entries in Bank Secrecy Act (27)

Tuesday
Feb282017

FinCEN fines California bank $7 million for impeding compliance staff

The Financial Crimes Enforcement Network (FinCEN) Monday fined Merchants Bank of California $7 million for impeding compliance staff and threatening to fire staffers who wouldn't process suspicious transactions.

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Thursday
Oct062016

Cantor Fitzgerald affiliate penalized $22.5 million for illegal gambling and money laundering

Image courtesy of CG TechnologyA gambling firm financed by Cantor Fitzgerald that became one of the biggest sports books in the United States entered into a non-prosecution agreement with the DOJ Monday and agreed to pay $16.5 million in criminal penalties and forfeiture.

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Tuesday
Aug232016

Severin Wirz: Why businesses are seizing the corporate transparency movement

A strange thing occurred this month in the American political universe when a business organization wrote a letter to several key Congressmen advocating on behalf of a bill that would increase government oversight over companies. Yes, you read that right: companies are voicing their support for more government regulation.

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Thursday
Apr072016

Nevada Casino ignored compliance chief, fined $1 million for ‘willful disregard’ of AML laws

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) on Tuesday fined the Sparks Nugget $1 million after the casino admitted that it willfully violated the anti-money laundering (AML) provisions of the Bank Secrecy Act.

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Tuesday
Jan192016

Federal court: Former MoneyGram compliance chief personally liable for AML failures

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has the power to punish compliance officers and other individuals for their company's anti-money laundering control failures under the Bank Secrecy Act, a U.S. District Court in Minnesota ruled last week.

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Tuesday
Dec222015

FinCEN fines ‘card club’ $650,000 for BSA offenses

The Treasury Department's Financial Crimes Enforcement Network announced its first enforcement action against a “card club” gaming business.  

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Wednesday
Jul222015

Citigroup Banamex USA unit fined $140 million, will close this year

The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.

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Wednesday
Jun032015

FinCEN: Compliance officer banned for life after Yemen money transfers

The Financial Crimes Enforcement Network (FinCEN) Tuesday fined a money transfer business based in Hamtramck, Michigan and its owner for processing millions of dollars in wire transfers to Yemen without any due diligence on those involved.

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Thursday
Mar122015

Compliance fiasco: Commerzbank pays $1.45 billion for AML, sanctions, and fraud-related offenses

Commerzbank AG agreed to pay $1.45 billion for doing business with Iran and other sanctioned countries and its failure to have adequate money laundering controls, the DOJ and New York financial regulator said Thursday.

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Monday
Mar092015

FinCEN fines Trump Taj Mahal $10 million for AML and reporting offenses

The Financial Crimes Enforcement Network (FinCEN) fined the Trump Taj Mahal Casino Resort $10 million Friday for willful and repeated violations of the Bank Secrecy Act.

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Wednesday
Mar042015

FinCEN: Bank linked to ‘cash for kids’ scheme ignored red flags

The First National Community Bank of Dunmore, Pennsylvania (FNCB) admitted that it failed to file suspicious activity reports on transactions linked to the judicial corruption scheme known as "cash for kids" that spanned more than five years.

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Thursday
Jan292015

FDIC wants banks to use ‘risk based’ compliance for each customer

The Federal Deposit Insurance Corporation (FDIC) issued guidance Wednesday encouraging its insured banks to take a risk-based approach in assessing individual customer relationships.

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