Regulatory Alerts2000-06-29 | MSB99-012Added
Assessment of Civil Money Penalties Against D&S Check Cashing, Inc. and Michael Rose
The Department of the Treasury assesses a $75,000 civil money penalty against D&S Check Cashing, Inc. and a $50,000 penalty against Michael Rose for willful violations of the Bank Secrecy Act. These penalties address the failure to file Currency Transaction Reports for over 200 transactions exceeding $10,000 and the failure to maintain required customer records. Both entities must pay their respective penalties within five business days to the United States Department of the Treasury. This assessment constitutes a complete settlement of civil liability for the identified reporting and recordkeeping violations.