On June 1, 2015, FinCEN fined King Mail & Wireless Inc., a Michigan-based money transfer business, and its owner for willful and repeated violations of the Bank Secrecy Act (BSA). In its final assessment, FinCEN stated that King Mail & Wireless failed to maintain a required anti-money laundering program, engaged in high-risk transactions and failed to report suspicious transactions. Among the high-risk transactions, the company processed $2.7 million in wire transfers to Yemen without maintaining proper records or performing due diligence on the individuals involved in the transactions.
In addition to a $12,000 civil money penalty, Ali Al Duais, who was both the company’s owner and designated compliance officer, agreed to immediately and permanently cease serving as an employee, officer, director or agent of any financial institution located or conducting business in the United States.
For more information, see The WSJ.