Regulatory Alerts2000-01-18 | DI 99-011Added
Assessment of Civil Money Penalties with Undertakings in the Matter of Polish & Slavic Federal Credit Union
The Department of the Treasury assesses a civil money penalty of $185,000 against the Polish & Slavic Federal Credit Union for willfully failing to file Currency Transaction Reports for transactions exceeding $10,000 between 1989 and January 1997. The Credit Union must pay the penalty within five business days and agrees to retain independent auditors for semi-annual Bank Secrecy Act compliance audits from January 1, 2000, through December 31, 2003. Additionally, the Credit Union must review personal account activity for business purposes by March 31, 2000, and conduct semi-annual reviews thereafter, while enhancing suspicious activity procedures and providing annual BSA training to employees and the Board.
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