Regulatory Alerts2016-10-03 | 2016-05Added
Assessment of Civil Money Penalty Against CG Technology, L.P.
FinCEN assesses a $12,000,000 civil money penalty against CG Technology, L.P. for willful violations of the Bank Secrecy Act between March 2009 and September 2015, including failures to implement an anti-money laundering program, report suspicious activity, report currency transactions over $10,000, and maintain required records. The penalty is satisfied by a $6,000,000 forfeiture agreed to in a separate settlement with the Department of Justice and a direct payment of $6,000,000 to the U.S. Department of the Treasury. CG Technology also agrees to a Remedial Framework and waives defenses against future enforcement proceedings if it breaches the consent agreement.
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