The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) assessed a $300,000 civil penalty against North Dade Community Development Federal Credit Union in Miami Gardens, Florida for violating the Bank Secrecy Act (BSA).… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network imposed new financial reporting rules on 2,000 businesses Thursday in the fashion district of Los Angeles after a massive raid last month uncovered a suspected widespread money laundering operation working for Mexican drug gangs.… Continue Reading
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) defined the concept of a “culture of compliance” in a six-page advisory Monday that was aimed at senior management, leadership and owners of financial institutions subject to FinCEN’s regulations.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) announced Tuesday its assessment of a civil penalty against Georgia-based Mian, Inc. for violating the Bank Secrecy Act’s program and reporting requirements.
Mian, a money services business (MSB), committed numerous violations even after being put on notice by the Internal Revenue Service’s that it had deficiencies in meeting its reporting obligations.
The chief of U.S. Treasury’s anti-money laundering unit said casinos must use all information at their disposal to uncover suspicious customer transactions, including information about their source of funds.
In her keynote address at a conference Thursday in Las Vegas, Jennifer Shasky Calvery, director of Treasury’s Financial Crimes Enforcement Network (FinCEN), said regulations require casinos to use “all of the information available to them in investigating suspicious transactions.”… Continue Reading