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Weekly Roundup: FinCEN Fines Brothers for Operating Unlicensed MSB, FATF Releases Three Mutual Evaluation Reports, and More
printThe Financial Crimes Enforcement Network handed down its third enforcement action for the year on Wednesday, fining two brothers $40,000 for operating an unlicensed money transmitter. Between 2008 and 2009, Omar Abukar Sufi and Mohamed Abukar Sufi sent tens of thousands of dollars on behalf of customers of their Wyoming, MI, grocery store to individuals in Kenya, Qatar, Saudi Arabia, Sudan, and elsewhere. Neither ever registered as a money services business as required by the Bank Secrecy Act, FinCEN said. In February, the brothers were sentenced to five years in prison in the Western District Court of Michigan for related...
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