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.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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