Regulatory Alerts2015-12-17 | 2015-11Added
Assessment of Civil Money Penalty in the Matter of Oaks Card Club
FinCEN assesses a $650,000 civil money penalty against Oaks Club Room d/b/a Oaks Card Club for willfully violating Bank Secrecy Act requirements from March 31, 2009, through April 3, 2012. The entity failed to implement an effective anti-money laundering program, including deficient internal controls, lack of independent testing, and inadequate employee training. Additionally, Oaks failed to file required suspicious activity reports for nine identified instances involving illegal loans and structuring.
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