The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a former bank executive for allegedly failing to prevent violations of the Bank Secrecy Act (BSA) during his tenure.
The bank used automated transaction monitoring software to spot potentially suspicious activity, but improperly capped the number of alerts generated, limiting the ability of law enforcement to target criminal activity, according to FinCEN.
Read on for more details from the regulator.
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