Regulatory Alerts2023-09-15 | 2023-02Added
Consent Order Imposing Civil Money Penalty on Bancrédito International Bank and Trust Corporation
FinCEN imposes a civil money penalty on Bancrédito International Bank and Trust Corporation for willful violations of the Bank Secrecy Act. The bank failed to timely and adequately file Suspicious Activity Reports, failed to establish an adequate due diligence program for correspondent accounts for foreign financial institutions, and failed to implement and maintain an adequate anti-money laundering program. These violations occurred between October 1, 2015, and May 16, 2022, involving suspicious transactions linked to high-risk jurisdictions and specific individuals.
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