Regulatory Alerts2015-06-01 | 2015-06Added
Assessment of Civil Money Penalty Against King Mail & Wireless Inc. and Ali Al Duais
FinCEN assesses a $12,000 civil money penalty against King Mail & Wireless Inc. and its owner Ali Al Duais for willfully violating Bank Secrecy Act program, reporting, and recordkeeping requirements during 2011 operations. The entity failed to implement an anti-money laundering program, file suspicious activity reports, or retain customer identification for transfers of $3,000 or more. Al Duais consents to an undertaking to permanently cease serving in any capacity with any US financial institution.
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