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Georgia Check Casher Gets Dinged for Repeated BSA Violations: FinCEN

Mon, Jul 28, 2014

Columbia, Maryland

The Financial Crimes Enforcement Network (FinCEN) said that a money services business (MSB) in Georgia committed "significant and willful violations" of the Bank Secrecy Act's (BSA) program and reporting requirements, prompting a $45,000 civil money penalty against it.
 
In a release, FinCEN said Mian Inc., doing business as Tower Package Store, "significantly" committed numerous violations even after being put on notice by its examiner of deficiencies in meeting its reporting obligations.
 
Under the BSA, MSBs are required to implement an effective written anti-money laundering (AML) program, which FinCEN alleges Mian failed to do. Among Mian's infractions cited by FinCEN:

  • From December 2010 through November 2011, Mian failed to file Currency Transaction Reports (CTRs) on approximately 40% of transactions that required filing. During this time, the CTRs that Mian actually filed were late and inaccurate.
  • Mian's failure to comply with its CTR obligations persisted even after it was notified by IRS Small Business/Self Employed Division of its CTR deficiencies. From December 2011 through November 2013, Mian failed to file timely CTRs on 91% of transactions that required filing.

FinCEN said that Mian "has further failed to meet its deadlines to renew its registration as an MSB" and that Mian has admitted that it violated the BSA's program, reporting and registration requirements, and has consented to FinCEN's assessment of a civil money penalty of $45,000.

FinCEN Enforcement Action (PDF)