Regulatory Alerts2011-09-23 | 2011-9Added
Assessment of Civil Money Penalty Against Mohamed Mohamed-Abas Sheikh
The Financial Crimes Enforcement Network assesses a civil money penalty of $25,000 against Mohamed Mohamed-Abas Sheikh for violating the Bank Secrecy Act by structuring cash transactions to evade reporting requirements and operating as an unregistered money transmitter. The violations involved nine cash deposits totaling over $81,000 between May 2008 and March 2009, and failure to register from January 2005 to April 2009 while transferring funds through Abbas Phone Card and Grocery Inc. Mohamed Sheikh must pay the full amount within 90 calendar days of the assessment date to settle his civil liability.
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