Regulatory Alerts2015-06-03 | 2015-07Added
Assessment of Civil Money Penalty Against Hong Kong Entertainment (Overseas) Investments, Ltd. d/b/a Tinian Dynasty Hotel & Casino
FinCEN assessed a $75 million civil money penalty against Hong Kong Entertainment (Overseas) Investments, Ltd. d/b/a Tinian Dynasty Hotel & Casino for willful violations of the Bank Secrecy Act. The entity failed to implement an anti-money laundering program, willfully failed to file Currency Transaction Reports for transactions exceeding $10,000, and failed to file Suspicious Activity Reports for transactions aggregating at least $5,000. These violations occurred between 2008 and 2013, involving the acceptance of cash without reporting and assistance to undercover agents in evading reporting requirements.
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