Regulatory Alerts2014-08-28 | 2014-06Added
Assessment of Civil Money Penalty in the Matter of BPI, Inc.
FinCEN assesses a civil money penalty of $125,000 against BPI, Inc. for willfully violating the Bank Secrecy Act's program, reporting, and recordkeeping requirements from March 2011 through March 2012. BPI failed to maintain an effective anti-money laundering program by lacking adequate internal controls, employee training, and independent testing, and it failed to file Suspicious Activity Reports for 25 identified suspicious transactions. BPI consents to this penalty to resolve the enforcement matter, which settles all claims FinCEN may have against the company for the described conduct.
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