Regulatory Alerts2016-03-24 | 2016-02Added
Assessment of Civil Money Penalty Against Kustandy Rayyan D/B/A Thriftway Food Mart
FinCEN assesses a $10,000 civil money penalty against Kustandy Rayyan for willfully violating the Bank Secrecy Act through Thriftway Food Mart's failure to maintain an effective anti-money laundering program and to file accurate, timely currency transaction reports. The violations include operating without adequate policies, training, independent review, or compliance oversight, and filing 15 late and 95% inaccurate or incomplete CTRs during the 2012-2013 examination period. Mr. Rayyan consents to this assessment and admits to the violations to resolve the enforcement matter.
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