quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

FinCEN Fines Puerto Rican Bank, Bancrédito, $15 Million on BSA Violation

n-img-fincen

Puerto Rican bank, Bancrédito, was fined $15 million by the Financial Crimes Enforcement Network (FinCEN) for failing to provide Suspicious Activity Reports (SAR) between October 2015 and May 2022 and violating rules by the Bank Secrecy Act (BSA). 

The Financial Crime Enforcement Network (FinCEN) fined Puerto Rican bank, Bancrédito, $15 million for failure to comply with the Bank Secrecy Act (BSA). According to a report by FinCEN, The bank was unable to timely provide suspicious transaction activity reports from October 2015 to May 2022 and failed to maintain due diligence checks in the US. The bank also failed to implement and maintain an Anti-Money Laundering (AML) and BSA programme.

According to the consent decree, Bancrédito failed to supervise the account funds flow related to Panamanian bank servicing firms and individuals in Venezuela and Panama; the alleged transfer also involved one of Bancrédito’s executives.

Bancrédito was initially established by Julio Velutini, a citizen of Venezuela, in 2008 and intended to serve foreign banks in the Caribbean and Central America. After being accused of bribing Puerto Rico’s now-former Governor, Velutini turned him into the authorities in August 2020. Former Governor, Wanda Vazquez, undermined an investigation and was also arrested for accepting campaign bribes from Velutini.

FinCEN Director, Andrea Gacki, stated, “Bancrédito processed millions of dollars in suspicious transactions through the United States on behalf of high-risk customers, providing correspondent accounts to foreign financial institutions without the required due diligence and reporting required by the BSA. With today’s action, FinCEN is sending the message that the era of easy money laundering through Puerto Rican [international banking entities] is over.”

The penalty then marked the first enforcement against Puerto Rican IBE under the gap rule, which was affected in March 2021 to make banks comply with the AML regulations whilst providing international banking services.

According to a statement released by FinCEN, Bancrédito must surrender its licence to keep working in the US as an IBE whilst providing and maintaining all records related to BSA. Nonetheless, calling the action taken “unjustified,” the holding company of Bancrédito is planning to file a lawsuit against FinCEN. 

Suggested Reads:

MOROCCAN CHARITY, NAJIBA FOUNDATION, FACES ACCOUNT TERMINATION BY ING BANK FOR AML FAILURES

EUROPOL WARNS TRADE-BASED MONEY LAUNDERING POSES SUBSTANTIAL THREAT TO FINANCIAL INSTITUTIONS

CAMBODIA AND THAILAND POLICE FORCES UNITE AGAINST MONEY LAUNDERING AND TERRORIST FINANCING

Related Posts

News

Seychelles Upgrade on FATF Recommendation to Strengthen Anti-Money Laundering Measures

Seychelles has upgraded and implemented 5 FATF recommendations to strengthen anti-money launderin...

Seychelles Upgrade on FATF Recommendation to Strengthen Anti-Money Laundering Measures Explore More

News

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks

The European Parliament’s main political group called for a review of Switzerland’s banking pract...

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks Explore More

News

Sydney’s ‘Mini Casino’ Venues Suspected for Money Laundering

Sydney’s 10 “mini-casino” poker venues have been suspected of money laundering activities. Accord...

Sydney’s ‘Mini Casino’ Venues  Suspected for Money Laundering Explore More

News

N1m Fine Imposed on Financial Institutions for Suspicious Transactions Reporting Failing

A fine of N1m is directed by the Nigerian Government on any financial or non-financial institutio...

N1m Fine Imposed on Financial Institutions for Suspicious Transactions Reporting Failing Explore More

News

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

News

Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model

According to the AFI model, digital IDs and biometric KYC verification must be deployed by busine...

Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model Explore More

News

UAE Issues Deadline for Businesses to Register for AML System

The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

UAE Issues Deadline for Businesses to Register for AML System Explore More

News

UAE Delegation to Visit the US to Discuss AML Initiatives

The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...

UAE Delegation to Visit the US to Discuss AML Initiatives Explore More

News

New Zealand Forces Banks To Strengthen Their Security Measures

New Zealand’s parliamentary committee has urged banks and financial institutes to bolster their s...

New Zealand Forces Banks To Strengthen Their Security Measures Explore More

News

FCA Fines Ghana International Bank Over £5 million for Money Laundering Failings

The Financial Conduct Authority (FCA) has imposed a £5,829,900 financial penalty on Ghana Interna...

FCA Fines Ghana International Bank Over £5 million for Money Laundering Failings Explore More

News

Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion

Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions ...

Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion Explore More

News

UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs

The UAE’s Ministry of Community Development and the Financial Intelligence Unit have established ...

UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs Explore More

News

Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF

FATF suggests nations and financial service providers should identify potential risks of cryptocu...

Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF Explore More

News

RoC of the Cayman Fines Companies failing to Reveal Beneficial Owner’s Name

Cayman Island’s Registrar of Companies has begun penalizing the financial firms for not disclosin...

RoC of the Cayman Fines Companies failing to Reveal Beneficial Owner’s Name Explore More

News

Facebook Launches a New Payment System Following Libra

Facebook Pay is a new payment system launched by Facebook for all the apps under the Facebook umb...

Facebook Launches a New Payment System Following Libra Explore More

News

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion

Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion Explore More

News

Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures

The Financial and Capital Market Commission has fined Bank Rietumu EUR 5.85 million over failures...

Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities

Europol and EU member states along with Eurojust and Frontex have launched Operation Oscar to ass...

Europol and EU Member States Launch Operation Targeting Assets of Sanctioned Entities Explore More

News

UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering

UAE stepped up and seized $354 million worth of assets from March to mid-July 2023 in the fight a...

UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering Explore More

News

Amazon patents block chain-based product authenticator

The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...

Amazon patents block chain-based product authenticator Explore More

News

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

News

Thailand Launches Anti-Online Scam Center to Combat Cybercrimes

The Thai Government has officially launched the Anti-Online Scam Operation Centre (AOC) as of  No...

Thailand Launches Anti-Online Scam Center to Combat Cybercrimes Explore More

News

Estonian Government to Strengthen AML Framework to Lift Crypto Ban

The Estonian Finance Ministry drafted AML amendments that will affect virtual asset service provi...

Estonian Government to Strengthen AML Framework to Lift Crypto Ban Explore More

News

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion

Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...

Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion Explore More

News

UK to Apply Digital Identity Verification Across Government Services

Michael Gove, Cabinet Office Minister has written to Whitehall departments about obligating the u...

UK to Apply Digital Identity Verification Across Government Services Explore More

News

AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing”

AUSTRAC’s guidance offers indicators for financial institutions, to allow them to detect suspicio...

AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing” Explore More

News

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

News

Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches

Australia’s financial intelligence agency, The Australian Transaction Reports and Analysis Centre...

Australian Bank, Westpac, Accused of 23 Million Money Laundering Breaches Explore More

News

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts

Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts Explore More

News

New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI

As per the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI),...

New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI Explore More

News

RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening

KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...

News

The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws

Naivas, one of Kenya’s largest supermarkets, recently suffered a data breach, highlighting ...

The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation

The Bank of Ghana proposed guidelines for banks to enhance the Anti-Money Laundering and Combatin...

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation Explore More

News

Businesses at Risk Due to 6AMLD by the European Union

The European Union imposed the fifth anti-money laundering directive in January 2020, which enhan...

Businesses at Risk Due to 6AMLD by the European Union Explore More

News

MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun

The cross-party group of MP declares UK defences in becoming the “jurisdiction of choice for dirt...

MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun Explore More

News

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More

The EU’s parliament, commission, and council are set to initiate discussions on the issue of anti...

EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More Explore More

News

European Union to Propose Amendments in AML Package for Corporate Transparency

The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...

European Union to Propose Amendments in AML Package for Corporate Transparency Explore More

News

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine

Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine Explore More

News

Qatar to Develop National Strategies for Combating Financial Crimes

Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World...

Qatar to Develop National Strategies for Combating Financial Crimes Explore More

News

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations

Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...

Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations Explore More

News

Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime

The Peruvian government ordered virtual assets service providers to report their activities to th...

Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime Explore More

News

Cambodian Minister of Justice Addresses AML Action Plan to Escape FATF’s Gray List

The Minister of Justice Koeut Rith has advised all financial institutions to continue their coope...

Cambodian Minister of Justice Addresses AML  Action Plan to Escape FATF’s Gray List Explore More

News

German Customs to Strengthen Fight Against Organised Crime and Money Laundering

Christian Lindner, German Finance Minister, announced at the weekly cabinet meeting held at the C...

German Customs to Strengthen Fight Against Organised Crime and Money Laundering Explore More

News

Indonesia to Pass Regulations to Control Money Laundering

Indonesia is looking to develop a strong regulatory framework to curb money laundering and terror...

Indonesia to Pass Regulations to Control Money Laundering Explore More

News

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation

A business organization is being penalized £14,000 by the Solicitors Regulation Authority (SRA) f...

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation Explore More

News

FinCEN Extends the Comment Period of Virtual Currency Regulations

FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

News

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats

The European Union’s ban on cash payments over €10,000 for transactions such as car payments is e...

EU Legislation Bans On-cash Deals Over €10,000 Due to Money Laundering Threats Explore More

News

US Treasury Launches New Financial Force to Combat Illegal Fentanyl Trade

The US Treasury Department has announced the launch of the Counter-Fentanyl Strike Force to comba...

US Treasury Launches New Financial Force to Combat Illegal Fentanyl Trade Explore More

News

Action Fraud alerts shoppers about COVID-19 scams

Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...

Action Fraud alerts shoppers about COVID-19 scams Explore More

News

‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA

The European Court of Auditors (ECA) has identified weaknesses in the Anti-Money Laundering polic...

‘EU Has Fragmented Approach to Combat FinCrime’, Says ECA Explore More

News

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

News

BitMEX Founders Admit Violating Anti-Money Laundering Regulations

Two of the co-founders of crypto exchange BitMEX Arthur Hayes and Benjamin Delo have pleaded guil...

BitMEX Founders Admit Violating Anti-Money Laundering Regulations Explore More

News

German Parliament Passes Anti-Money Laundering Laws

On Thursday, the German parliament passed a draft of anti-money laundering measures to make sure ...

German Parliament Passes Anti-Money Laundering Laws Explore More

News

Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds

The head of financial intelligence in Mexico has revealed that the law enforcement authorities ar...

Authorities Struggle in Mexico as Cartels Use Crypto for Laundering Funds Explore More

News

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far

Whale Alert alleges that crypto scams are skyrocketing so far in 2020.  A report revealed,scammer...

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far Explore More

News

Five Kenyan banks fined under AML laws

Five commercial banks were imposed a fine of $3.75 million in Kenya for failing to report suspici...

Five Kenyan banks fined under AML laws Explore More

News

Twitter Breach – Bitcoin Scams to the Next Level

A massive attack is reported on Twitter accounts of high-profile and well-recognized brands. Hack...

Twitter Breach – Bitcoin Scams to the Next Level Explore More

News

Brexit Deal Decides the Future of Financial Service in the UK and the EU

Marketers have finally realized the full text of the deal between the UK and Brussels regarding t...

Brexit Deal Decides the Future of Financial Service in the UK and the EU Explore More

News

US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs

The US government is ready to change the process of reporting beneficial ownership. The final rul...

US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs Explore More

News

US Launches National Cryptocurrency Enforcement Team

The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...

US Launches National Cryptocurrency Enforcement Team Explore More

News

Australian Payment Network Reports 9.2% Increase in Payment Card Fraud

AusPayNet reports that the e-commerce industry experienced a 9.2% rise in payment card fraud due ...

Australian Payment Network Reports  9.2% Increase in Payment Card Fraud Explore More

News

FCMC Fines AS PrivatBank Worth €768K for AML Non-Compliance

The FCMC fined PrivatBank for AML/CTPF compliance breaches and instructed the bank to address its...

FCMC Fines AS PrivatBank Worth €768K for AML Non-Compliance Explore More

News

United Nations Calls for a Pact to Fight Financial Crimes

United Nations’ panel of experts has called on the governments around the world to take part in e...

United Nations Calls for a Pact to Fight Financial Crimes Explore More

News

Money Service Businesses Tighten AML/CFT Measures Amid Challenges

Microfinance firms, remittance services, and cambios have reported success in upgrading AML/CFT m...

Money Service Businesses Tighten AML/CFT Measures Amid Challenges Explore More

News

Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering

Taiwanese crypto exchange platform and a member of the Virtual Asset Service Provider (VASP), Bit...

Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering Explore More

News

Florida Man Charged $784 Million in Massive Healthcare Fraud

Creaghan Harry, a man from Florida was indicted of $784 million for committing healthcare fraud a...

Florida Man Charged $784 Million in Massive Healthcare Fraud Explore More

News

Singapore Central Bank to Utilize AI Technology to Combat Money Laundering

The Monetary Authority Singapore (MAS) seeks to utilise AI technology to bolster the security of ...

Singapore Central Bank to Utilize AI Technology to Combat Money Laundering Explore More

News

Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation

Tesla CEO Elon Musk has accused the SEC of leaking information about a federal investigation as a...

Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation Explore More

News

Five Kenyan banks fined under AML laws

Five commercial banks were imposed a fine of $3.75 million in Kenya for failing to report suspici...

Five Kenyan banks fined under AML laws Explore More

News

New Bitcoin scam hits Canada

According to a report, a supposed Bitcoin (BTC) scam is now targeting residents of Winnipeg, Cana...

New Bitcoin scam hits Canada Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started