Regulatory Alerts2011-04-21 | 2011-06Added
Assessment of Civil Money Penalty Against Lower Sioux Indian Community d/b/a Jackpot Junction Casino Hotel
The Financial Crimes Enforcement Network assesses a $250,000 civil money penalty against the Lower Sioux Indian Community d/b/a Jackpot Junction Casino Hotel for violations of the Bank Secrecy Act. The penalty resolves extensive failures to maintain an adequate anti-money laundering program, including deficiencies in internal controls, independent testing, training, and the designation of a compliance officer. The Casino also violated reporting requirements by failing to timely, completely, and accurately file 180 Currency Transaction Reports totaling $3.25 million and 11 Suspicious Activity Reports. The penalty is satisfied by three equal payments due on May 15, July 15, and September 15, 2011.
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