FinCEN Penalizes Texas Bank for Violations of Anti-Money Laundering Laws…
Category : Uncategorized
The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $2 million civil money penalty against Lone Star National Bank (Lone Star) of Pharr, Texas for willfully violating the Bank Secrecy Act (BSA). The action underscores the dangers that institutions face when taking on international correspondence activities without properly equipping themselves to manage such business. As noted in FinCEN’s assessment, among other lapses, Lone Star failed to comply with…
Full Article: https://www.fincen.gov/news/news-releases/fincen-penalizes-texas-bank-violations-anti-money-laundering-laws-focusing
