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Posts Tagged ‘Banco BPI’

BPI Fined $125,000 for Money Laundering Violations, Shuts Down its MSB Operation

Posted by William Byrnes on September 2, 2014

The Financial Crimes Enforcement Network (FinCEN) today imposed a civil money penalty of $125,000 against BPI, Inc., a New Jersey money services business (MSB), for willful and repeated violations of the Bank Secrecy Act (BSA).  In November 2013, BPI’s parent, Banco BPI, S.A., received approval from the Board of Governors of the Federal Reserve System to establish representative offices in New Jersey and Massachusetts and BPI ceased operations as an MSB in March 2014.  

read the entire article International Financial Law Prof Blog.

Posted in Financial Crimes, Money Laundering | Tagged: , , | Leave a Comment »

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