On January 31, 2024, FinCEN assessed a $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. In addition, FinCEN imposed a five-year ban on Asre’s participation in the conduct of the affairs of any financial institution subject to the BSA.
FinCEN Director Andrea Gacki stated:
“Asre allowed millions of dollars in high-risk transactions to be processed without required anti-money laundering controls or reporting to FinCEN. Today’s action serves as a reminder that FinCEN will not hesitate to take action against individuals when their conduct jeopardizes the integrity of our financial system.”
Asre admitted to willfully violating the BSA by failing to register his money services business with FinCEN. As a BSA Compliance Officer of a credit union, Asre also failed to maintain an effective AML program, failed to detect and report suspicious transactions, and failed to implement adequate AML controls.These failures resulted to hundreds of millions of dollars in high-risk and suspicious funds moved through the credit union without proper monitoring or reporting to FinCEN.
Read FinCEN’s news release here.
The consent order can be found here.
