InfoBytes Blog
FinCEN Assesses Civil Money Penalty Against Nevada-Based Casino for BSA/AML Violations
On October 3, FinCEN assessed a $12 million civil money penalty against a Nevada-based casino for willfully violating the anti-money laundering (AML) provisions of the Bank Secrecy Act (BSA). Pursuant to the Statement of Facts, from March 2009 through September 28, 2015, the casino allegedly failed to (i) develop and implement an effective AML program reasonably designed to ensure compliance with the BSA; (ii) exercise due diligence in its monitoring of suspicious activity; and (iii) maintain sufficient AML compliance controls, procedures, training, and audits, which resulted in multiple filing and recordkeeping control violations. As part of the FinCEN’s Assessment and the Non-Prosecution Agreement filed by the U.S. Attorney’s Officers, the casino must (i) perform a series of required Remedial Measures to ensure compliance going forward; and (ii) conduct a look-back review to ensure that suspicious transactions and attempted transactions were appropriately reported for transactions that occurred between 2010 and 2013.