No “Get Out of Jail Free” Card for MSBs
FinCEN has imposed a civil money penalty against a money services business, BPI Inc. The MSB began receiving citations in 2005, but did not adequately address examiners' findings of deficiencies in its AML system including: internal controls, independent testing, training, and suspicious activity reporting. FinCEN's director Jennifer Calvery explains that the civil money penalty "highlights that money services businesses cannot ignore their anti-money laundering responsibilities, or their examiners." [8/29/14]
