Regulatory Alerts2016-12-15 | 2016-06Added
Assessment of Civil Money Penalty Against Bethex Federal Credit Union
FinCEN assesses a $500,000 civil money penalty against Bethex Federal Credit Union for willfully violating Bank Secrecy Act anti-money laundering and suspicious activity reporting requirements from January 1, 2011 through December 31, 2012. The Credit Union failed to implement adequate internal controls, conduct risk assessments, perform due diligence on wholesale money services businesses, or designate a competent compliance officer, resulting in over $4 billion in transactions processed without appropriate monitoring. Additionally, Bethex late-filed 28 inadequate Suspicious Activity Reports and failed to detect and report suspicious transactions involving high-risk jurisdictions.
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