Regulatory Alerts2005-07-05 | 2005-01Added
Assessment of Civil Money Penalty Against Gulf Corporation
The Financial Crimes Enforcement Network assesses a $700,000 civil money penalty against Gulf Corporation for willful violations of the Bank Secrecy Act. The penalty addresses the failure to timely file 2,434 currency transaction reports and at least 47 suspicious activity reports between February 1998 and June 2001. Gulf must pay the full amount within five business days to settle the civil liability for these reporting deficiencies.
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