RegAlert2024-01-31 | 2024-01Added · Updated
Consent Order Imposing Civil Money Penalty on Gyanendra Kumar Asre
FinCEN imposes a civil money penalty on Gyanendra Kumar Asre for willful violations of the Bank Secrecy Act related to his roles at NYSEFCU and DDH. Asre failed to register DDH as a money services business and willfully failed to implement an effective anti-money laundering program at NYSEFCU, including adequate internal controls, customer due diligence, and staff training. These failures facilitated the processing of over $150 million in bulk cash and $110 million in checks for Mexican banks without proper oversight.
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UNITED STATES OF AMERICA
FINANCIAL CRIMES ENFORCEMENT NETWORK
DEPARTMENT OF THE TREASURY
IN THE MATTER OF: )
) Number 2024-01
Gyanendra Kumar Asre )
)
CONSENT ORDER IMPOSING CIVIL MONEY PENALTY
The Financial Crimes Enforcement Network (FinCEN) conducted a civil enforcement investigation and determined that grounds exist to impose a Civil Money Penalty on Gyanendra Kumar Asre (Asre) for violations of the Bank Secrecy Act (BSA) and its implementing regulations. Asre admits only to the facts admitted coincident to his guilty plea with the United States Department of Justice (DOJ) and neither admits nor denies the remainder of the facts set forth herein. Asre consents to the issuance of this Consent Order, agrees to pay the civil money penalty imposed in this Consent Order, and agrees to comply with the Undertaking and the other provisions of this Consent Order.
I. JURISDICTION
Overall authority for enforcement and compliance with the BSA lies with the Director of FinCEN.2 FinCEN has the authority to investigate and impose civil money penalties on financial institutions that willfully violate the BSA and individuals who willfully participate in such violations.
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.