DIFFERENT ANGLE by Kenneth Rijock
Money service business Sigue Corporation and Sigue LLC, of San Fernando, California have been fined $15m by FinCEN and the US Department of Justice. Whilst such a heavy penalty is rarely imposed upon an MSB, the strong language contained in FinCEN's Consent to Assessment of Civil Penalty may indicate that the gloves are coming off on money transmitters that blatantly violate the Bank Secrecy Act. Will the MSB fines reach the level of penalties that are now levied upon financial institutions?
- Forty seven of the MSBs employees and staff assisted in structuring transactions.
- SARs simply were not accurately and timely filed as required.
http://www.justice.gov/opa/pr/2008/January/08_crm_068.html
Readers wishing to read the entire Consent can see it on the FinCEN website at:
http://www.fincen.gov/sigue_assessment_final.pdf
Will MSBs now find themselves facing draconian financial penalties? we cannot say, but World-Check is watching all MSB sanctions for any indication that the industry has become a special target of regulators.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
Print Article
Email Article
SEND ARTICLE TO A FRIEND
More Articles
Subscribe to Newsletter
Please take note of the following content change to be applied to the Data-File on 19 December, 2008. In order to avoid any potential problems please ensure that your datab...more
Make this my homepage
Bookmark
