Regulatory Alerts2014-04-23 | 2014-03Added
Assessment of Civil Money Penalty Against New Milenium Cash Exchange, Inc. and Flor Angella Lopez
The Financial Crimes Enforcement Network assesses a $10,000 civil money penalty against New Milenium Cash Exchange, Inc. and Flor Angella Lopez for willful violations of the Bank Secrecy Act. The entities failed to maintain continuous registration as a money services business, implemented an ineffective anti-money laundering program, and failed to file required Currency Transaction Reports for transactions exceeding $10,000 totaling approximately $4.5 million. Additionally, the respondents failed to retain required records for currency exchange transactions exceeding $1,000.
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