Regulatory Alerts2011-09-07 | 2011-8Added
Assessment of Civil Money Penalty in the Matter of Altima, Inc.
The Financial Crimes Enforcement Network assesses a $5,000 civil money penalty against Altima, Inc. and its owner Babak Safarriyeh for violating Bank Secrecy Act registration and anti-money laundering program requirements. The violations include operating as an unregistered money transmitter from December 2007 to February 2010 and failing to implement a written anti-money laundering program for over three years. The penalty is resolved through a consent agreement requiring a single payment of $5,000 to the United States Department of the Treasury.
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