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MSB Facing $12,000 FinCEN Fine for Failing to Register
By Brian Monroe
printThe U.S. Treasury Department is in the final stages of levying a $12,000 civil money penalty against a New Jersey-based money remitter for failing to register as a money services business, according to documents obtained by Moneylaundering.com/Compliance Advantage. The New Jersey business, which is part of a larger shipping company that works in Latvia, Estonia and Lithuania, failed to renew its registration with the department's Financial Crimes Enforcement Network (FinCEN) in 2005, 2007 and 2009 despite knowing that it was legally obligated to do so under its original registration schedule, according to an unsigned consent order with the company. The...
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