FinCEN Penalizes Florida Credit Union for Failures in Managing High-Risk International Financial Activity

International Financial Law Prof Blog

The Financial Crimes Enforcement Network (FinCEN) yesterday assessed a $300,000 civil money penalty against North Dade Community Development Federal Credit Union in Miami Gardens, Florida for significant Bank Secrecy Act (BSA) violations. North Dade’s anti-money laundering (AML) failures exposed the United States financial system to significant opportunities for money laundering and terrorist financing from known high-risk jurisdictions. ...