DIFFERENT ANGLE by Kenneth Rijock
FinCEN has assessed a $12,000 civil money penalty against a Tampa, Florida-based MSB, El Noa Noa Corporation, for failure "to establish and implement an anti-money laundering program with internal controls and other measures reasonably designed to prevent the money service business from being used for money laundering." El Noa Noa acted with 'reckless disregard' of BSA requirements, and failed to file CTRs.
El Noa Noa, a Florida corporation which failed to file 66 CTRs over an 18-month period, consented to the Assessment. Whilst the destination of the funds was not specified in the Civil Money Penalty, the name of the owner/operator of the MSB, which provides cheque cashing, wire transfer and money order services, is Norberto Vallejo, a self-described "entrepreneur from Mexico." He also reportedly owns other local businesses, a restaurant, bakery and insurance company.
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for further information:
In the Matter of El Noa Noa Corporation,Case No 2008-2
Assessment of Civil Money Penalty
http://www.fincen.gov/ElNoaNoa.pdf
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.
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