Regulatory Alerts2014-02-07 | 2014-02Added
Assessment of Civil Money Penalty Against Saleh H. Adam dba Adam Service
The Financial Crimes Enforcement Network assesses a $12,000 civil money penalty against Saleh H. Adam doing business as Adam Service for willfully violating the Bank Secrecy Act. The violations include operating as an unregistered money services business for 237 days in 2010 and failing to implement an anti-money laundering program while transmitting approximately 1,400 wires annually to Yemen since 2007. As part of the resolution, Adam Service must immediately cease all money transmission activities and voluntarily surrender its registration effective February 4, 2014.
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