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FinCEN Hits Defunct MSB with $125,000 Fine for Willful Violations
By Kira Zalan
printThe U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements. In a civil monetary penalty issued Thursday, the Financial Crimes Enforcement Network (FinCEN) said that Newark-based BPI, Inc.-a subsidiary of Portuguese Banco BPI, S.A.-hadn't filed a single suspicious activity report prior to a 2011 examination by the IRS' Small Business/Self-Employed Division. The bureau, which has fined three other money services businesses for Bank Secrecy Act violations since 2012, said the company ignored concerns raised by state and federal examiners on three separate occasions in 2005 and...
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