Regulatory Alerts2014-11-25 | 2014-07Added
Assessment of Civil Money Penalty in the Matter of North Dade Community Development Federal Credit Union
FinCEN assesses a civil money penalty against North Dade Community Development Federal Credit Union for willfully violating the Bank Secrecy Act between December 2009 and January 2014. The credit union failed to implement an adequate anti-money laundering program, including internal controls, a designated compliance officer, and staff training, while relying on a third-party vendor for high-risk money services business accounts. Additionally, North Dade failed to develop a customer identification program, did not verify customer identities, and failed to detect and timely report suspicious transactions. The entity admitted to these facts and consented to the penalty assessment.
Topics
Share