Compliance officer BSA case a cautionary tale for small banks
By 
Aaron Nicodemus2024-02-01T14:18:00
Instead of using his expertise to build a small credit union’s Bank Secrecy Act compliance program, a New York-based BSA compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Gyanendra Asre pleaded guilty Wednesday in U.S. District Court for the Eastern District of New York to violating the BSA by failing to maintain an anti-money laundering (AML) program, the DOJ announced in a press release. He is scheduled to be sentenced May 3.
In a parallel action, FinCEN fined Asre $100,000 and banned him from serving at any institution covered by the BSA for five years.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
OpinionIan Sherr joins Compliance Week as its new editor-in-chief
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
-
News BriefN.Y. compliance officer charged for embezzling $200K from employer
A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
-
News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
More from Regulatory Enforcement
-
News BriefFTC orders GoDaddy to upgrade cybersecurity defenses following three breaches
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
-
News BriefFTC shuts down student loan firms over deceptive debt relief practices
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
-
News BriefCoinbase faces a leftover SEC probe as crypto enforcement loses steam
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...