Regulatory Alerts2011-03-11 | 2011-2Added
Assessment of Civil Money Penalty Against Victor Kaganov
The Financial Crimes Enforcement Network assesses a $25,000 civil money penalty against Victor Kaganov for violating Bank Secrecy Act requirements regarding registration, anti-money laundering programs, and suspicious activity reporting. Kaganov operated as an unregistered money transmitter from July 2002 through March 2009, executing over 4,200 funds transfers totaling more than $172 million without implementing required compliance measures. The penalty is satisfied by a single payment of $25,000 to the United States Department of the Treasury, resolving the matter without Kaganov admitting or denying the determinations.
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