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FinCEN Takes Firm Approach to Enforcement, Promotes Compliance in Puerto Rico

San Juan, PR - The Financial Crimes Enforcement Network (FinCEN) has made significant strides in promoting compliance and enforcement in the financial sector, particularly in non-traditional sectors, Director Kenneth Blanco announced today.

Recent Enforcement Actions

Since its inception, FinCEN has received over 240 unique tips, many of which have been highly relevant to the agency’s top priorities. The agency is offering rewards of up to 30% of penalties collected to whistleblowers who provide original information leading to successful enforcement actions.

In a keynote address at a compliance conference in Puerto Rico, Director Blanco highlighted several recent cases that demonstrate FinCEN’s commitment to taking a firm approach to enforcement and promoting compliance.

Kingdom Trust Company

$1.5 million penalty for willful failure to file Suspicious Activity Reports

In April last year, FinCEN imposed a $1.5 million civil money penalty on Kingdom Trust Company for willful failure to file Suspicious Activity Reports (SARs). The case highlighted the importance of growing a compliance program in real-time and commensurate with elevated risks associated with business expansion.

Binance

$100 million fine for anti-money laundering regulations

In November, FinCEN brought an enforcement action against Binance, the world’s largest virtual asset service provider, resulting in a $100 million fine. The case demonstrated the agency’s willingness to take action against major players in the financial sector that fail to comply with anti-money laundering (AML) regulations.

Asre and others

Enforcement actions against individuals for AML non-compliance

FinCEN has also taken enforcement action against individuals who have failed to comply with AML regulations. In one recent case, Gyanendra Kumar Azre was penalized for failing to register his money service business (MSB) with FinCEN and for inadequate AML controls at a New York credit union where he served as BSA Officer.

Collaboration with Authorities

FinCEN has collaborated closely with the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico on several enforcement actions, including the case against Kingdom Trust Company. Director Blanco emphasized the importance of such partnerships in promoting compliance and enforcing AML regulations.

Conclusion

In conclusion, FinCEN is committed to protecting the financial system from harm by taking a firm approach to enforcement and promoting compliance. The agency looks forward to continuing its partnership with authorities and private industry in Puerto Rico and around the world.