Regulatory Alerts2015-03-18 | 2015-04Added
Assessment of Civil Money Penalty in the Matter of Aurora Sunmart Inc. and Jamal Awad
FinCEN assesses a $75,000 civil money penalty against Aurora Sunmart Inc. and its owner Jamal Awad for willful violations of the Bank Secrecy Act, including failure to register as a money services business, deficient anti-money laundering programs, and failure to file Currency Transaction Reports. The parties consent to the penalty and agree to an undertaking requiring Aurora Sunmart to immediately cease money transmission operations until specific compliance conditions are met. These conditions include proper re-registration with FinCEN, implementation of a comprehensive training program, independent review of internal controls, and written certification by Mr. Awad that all requirements have been satisfied.
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