- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-02-01T14:18:00
Instead of using his expertise to build a small credit union’s Bank Secrecy Act compliance program, a New York-based BSA compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Gyanendra Asre pleaded guilty Wednesday in U.S. District Court for the Eastern District of New York to violating the BSA by failing to maintain an anti-money laundering (AML) program, the DOJ announced in a press release. He is scheduled to be sentenced May 3.
In a parallel action, FinCEN fined Asre $100,000 and banned him from serving at any institution covered by the BSA for five years.
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A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
