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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-15T17:23:00
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million fine by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for admitted violations of the Bank Secrecy Act (BSA) regarding suspicious activity monitoring and anti-money laundering (AML) compliance.
The penalty marks the first FinCEN action against a Puerto Rican international banking entity (IBE), said the agency in its press release Friday. FinCEN also for the first time enforced a 2021 rule requiring minimum standards for AML programs for banks lacking a federal regulator.
“Bancrédito processed millions of dollars in suspicious transactions through the United States on behalf of high-risk customers, providing correspondent accounts to foreign financial institutions without the required due diligence and reporting required by the BSA,” said FinCEN Director Andrea Gacki in the release. “With today’s action, FinCEN is sending the message that the era of easy money laundering through Puerto Rican IBEs is over.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-10-20T12:28:00Z By Kyle Brasseur
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
2023-10-06T14:09:00Z By Aaron Nicodemus
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
2023-09-29T20:06:00Z By Kyle Brasseur
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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