Posts Tagged With Bank Secrecy Act

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Banamex USA Agrees to Forfeit $97 Million in Connection with Bank Secrecy Act Violations

On May 22, 2017, Banamex USA (BUSA) entered a non-prosecution agreement with the Criminal Division of the Department of Justice to resolve an investigation into its Bank Secrecy Act (BSA) violations.  As part of its agreement, BUSA forfeited approximately $97.5 million, admitted to willfully failing to maintain an effective anti-money laundering compliance program to file Suspicious Activity Reports (SARs), and agreed to fully cooperate with the Department of Justice’s BSA and federal money laundering investigations
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Acting Manhattan U.S. Attorney Announces Settlement of Bank Secrecy Act Suit Against Former Chief Compliance Officer at MoneyGram for Failure To Implement and Maintain an Effective Anti-Money Laundering Program and File Timely SARS

On May 4, 2017, a settlement was reached with Thomas Haider, the former chief compliance officer of MoneyGram International, Inc. (“MoneyGram”).  The settlement resolves claims that Haider violated the Bank Secrecy Act by failing to ensure that MoneyGram had an effective anti-money laundering program and filed timely suspicious activity reports with FinCEN.  As part of the settlement, Haider must pay $250,000 and is prevented from performing a compliance function for any money transmitter for three
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