WASHINGTON (7/16/14)--The Financial Crimes Enforcement Network (FinCEN) Tuesday said that a money services business (MSB) in Georgia committed "significant and willful violations" of the Bank Secrecy Act's (BSA) program and reporting requirements, prompting a $45,000 civil money penalty against it.
In a release, FinCEN said Mian Inc., doing business as Tower Package Store, "significantly" committed numerous violations even after being put on notice by its examiner of deficiencies in meeting its reporting obligations.
Under the BSA, MSBs are required to implement an effective written anti-money laundering (AML) program, which FinCEN alleges Mian failed to do. Among Mian's infractions cited by FinCEN:
FinCEN said that Mian "has further failed to meet its deadlines to renew its registration as an MSB" and that Mian has admitted that it violated the BSA's program, reporting and registration requirements, and has consented to FinCEN's assessment of a civil money penalty of $45,000.
Use the resource link to read more about the FinCEN enforcement action.