FinCEN Assesses Huge Penalty against an MSB for BSA Violations

On July 27th, the Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty against BTC-E, a money service business, for Bank Secrecy Act (BSA) violations.  The violations included not having an effective anti-money laundering program, failure to file suspicious activity reports (SARs) and not obtaining and retaining records related to funds transfers of $3,000 and greater.  BTC-E was penalized $110,003,314 by FinCEN.

https://www.fincen.gov/sites/default/files/enforcement_action/2017-07-26/Assessment%20for%20BTCeVinnik%20FINAL%20SignDate%2007.26.17.pdf

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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