The U.S. Treasury Department has fined a Miami-based money services business and its owner $10,000 for "wholly" failing to enact proper anti-money laundering controls in violation of the Bank Secrecy Act. A penalty assessment signed by Treasury's Financial Crimes Enforcement Network (FinCEN) on Wednesday and made public on Thursday outlines a bevy of anti-money laundering (AML) failures at New Milenium Cash Exchange Inc and blames its president, owner, and AML compliance officer, Flor Angella Lopez. FinCEN "conducted an investigation and determined that, since at least February 2008" New Milenium and Lopez "willfully violated the Bank Secrecy Act's program, reporting, and recordkeeping requirements," the penalty assessment states. Compliance Complete was unable to reach Lopez for comment. Since 2006, the Internal Revenue Service has conducted three exams of New Milenium "that identified repeated violations of the Bank Secrecy Act," the FinCEN assessment states. The business
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