Regulatory Alerts2003-11-24 | 2003-05Added
Assessment of Civil Money Penalty with Undertakings in the Matter of Hartsfield Capital Securities, Inc.
FinCEN assesses a $10,000 civil money penalty against Hartsfield Capital Securities, Inc. for violations of the Bank Secrecy Act, including failing to obtain required certifications for correspondent accounts with foreign banks and maintaining an inadequate anti-money laundering program. The document requires Hartsfield to pay the penalty within twenty business days and mandates that it either close ten specific correspondent accounts or obtain complete certifications containing information on beneficial ownership and agents for service of process within thirty business days. Additionally, Hartsfield must refrain from executing transactions through these ten accounts until full compliance is achieved and provide documentation of this compliance to FinCEN within forty-five business days.