Anti-Financial Crime & Financial Crime Compliance
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NEWS: AML executive at US credit union fined $100,000 for failing to flag $1BN in high risk transactions

BSA VIOLATIONS: “Asre allowed millions of dollars in high-risk transactions to be processed without required anti-money laundering controls or reporting to FinCEN,” said FinCEN Director Andrea Gacki. “Today’s action serves as a reminder that FinCEN will not hesitate to take action against individuals when their conduct jeopardizes the integrity of our financial system,” she said.

A US credit union official has been fined $100,000 for not flagging $1BN+ in high risk transactions – and will be sentenced on criminal charges in May. FinCEN assessed the $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCEN’s action also…

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