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FCPA Blog Daily News

Entries in FinCEN (43)


Former Moneygram compliance chief pays $250,000 penalty for AML failures

The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company's anti-money laundering failures.

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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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FinCEN extends ‘beneficial owner’ rules for big real estate deals

The Treasury Department's Financial Crimes Enforcement Network renewed rules Thursday that force U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in some parts of the country.

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Brackett and Neale: Enforcement Innovations for the Post-Yates Environment

During a recent webinar sponsored by the Washington Legal Foundation, we explored the impacts intensive individual-focused criminal enforcement can have on an industry, using the recent history of criminal enforcement of food safety laws as a case study. 

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FinCEN expands beneficial owner reporting for cash real estate deals

The Financial Crimes Enforcement Network (FinCEN) is expanding required reporting of beneficial owners for cash real estate purchases beyond Manhattan and Miami to six new areas in California and Texas.

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California's Hawaiian Gardens Casino fined $2.8 million for years of compliance failures

Image courtesy of the The Gardens CasinoThe Financial Crimes Enforcement Network announced a settlement Friday with $2.8 million in penalties against Hawaiian Gardens Casino, Inc. d/b/a The Gardens Casino, of Hawaiian Gardens, California.

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FINRA penalizes Oppenheimer & Co. $3 million for selling risky ETFs to seniors

The Financial Industry Regulatory Authority (FINRA) Wednesday fined Oppenheimer & Co. Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to some retail customers for selling them unsuitable high-risk investments.

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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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Rothstein fallout: Florida bank penalized $4 million for ‘willful’ AML violations

A Florida bank that failed to file suspicious activity reports on time for accounts used in a giant Ponzi scheme will pay $4 million to settle federal civil charges that its defective compliance program led to violations of anti-money laundering laws.

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FinCEN withdraws Andorra bank money laundering finding, owners claim ‘momentous victory’

The U.S. Treasury Department's Financial Crimes Enforcement Network withdrew a finding against Banca Privada d’Andorra Friday because the bank “no longer operates in a manner that poses a threat to the U.S. financial system.”

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AML watch: The Egmont Group steps up enforcement against terrorist financing

The Egmont Group -- Financial Intelligence Units from 151 jurisdictions, with 19 other observer organizations -- issued its latest Communiqué from its meeting in Monaco last week, targeting terrorist financing.

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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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