Free Guide to Transform Risk Reporting with Insights and Predictive Analytics
Identifying emerging risks is critical to most risk executives, but to do that effectively requires transforming from basic risk reporting to using analytics, business intelligence and AI-based business tools to identify useful insights and predict potential risks. Learn how organizations can turn Risk Management into a competitive advantage. (For your free guide click here.)
Currency exchanger pays $35,350 for BSA violations
FinCEN has announced the assessment of a $36,350 civil money penalty on Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Powers, who operated as a peer-to-peer exchanger of bitcoin convertible virtual currency, failed to register as a money services business, had no written policies or procedures for ensuring compliance with the BSA, and failed to report suspicious transactions and currency transactions. For additional information, see BankersOnline's penalty posting, "P2P virtual currency transmitter fined for BSA violations".