Regulatory Alerts2015-03-06 | 2015-02Added
Assessment of Civil Money Penalty Against Trump Taj Mahal Associates, LLC
FinCEN assesses a $10,000,000 civil money penalty against Trump Taj Mahal Associates, LLC for willful violations of the Bank Secrecy Act between 2010 and 2012, including failures to maintain an effective anti-money laundering program, file approximately 100 required Suspicious Activity Reports, properly file Currency Transaction Reports, and maintain required records. The penalty is allowed as a general unsecured claim in the Company's Chapter 11 bankruptcy case. Trump Taj Mahal must secure an independent Third-Party Reviewer to conduct three compliance examinations within six months of the court order, in 2017, and in 2019, with findings reported to FinCEN and the IRS.
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