The Real Name Financial Transactions Act, which was enacted in 1993, establishes the framework for basic CDD measures. In Korea, financial institutions are required to conduct customer due diligence (CDD) under the Act on Real Name Financial Transactions and Guarantee of Secrecy (the “Real Name Financial Transactions Act”) and the Financial Transaction Reports Act (FTRA). Overview of the Customer Due Diligence (CDD) Regime financial system.Customer Due Diligence(CDD) Suspicious Transaction Report(STR) Currency Transaction Report(CTR) Customer Due Diligence (CDD) 1. FinCEN has a broad array of enforcement authorities to target both domestic and foreign actors affecting the U.S. Its efforts are focused on compromised financial institutions third-party money launderers transnational organized crime terrorist and other security threats significant fraud and threats to cyber security. financial system from being exploited by illicit actors. The Bankruptcy Court approved of Trump Taj Mahal’s settlement on March 4, 2015.įinCEN seeks to protect the U.S. Trump Taj Mahal petitioned for bankruptcy in September 2014. Department of Justice for their assistance with this enforcement action. She also thanked the Commercial Litigation Branch of the U.S. Notably, Trump Taj Mahal had ample notice of these deficiencies as many of the violations from 20 were discovered in previous examinations.ĭirector Shasky Calvery expressed her appreciation to the Internal Revenue Service, Small Business/Self-Employed Division, which performed the examinations of Trump Taj Mahal, for their contributions to the investigation and for their strong partnership with FinCEN. Trump Taj Mahal admitted that it failed to implement and maintain an effective AML program failed to report suspicious transactions failed to properly file required currency transaction reports and failed to keep appropriate records as required by the BSA. Far from meeting these expectations, poor compliance practices, over many years, left the casino and our financial system unacceptably exposed." "Like all casinos in this country, Trump Taj Mahal has a duty to help protect our financial system from being exploited by criminals, terrorists, and other bad actors.
"Trump Taj Mahal received many warnings about its deficiencies," said FinCEN Director Jennifer Shasky Calvery. Additionally, in 1998, FinCEN assessed a $477,700 civil money penalty against Trump Taj Mahal for currency transaction reporting violations. Trump Taj Mahal has a long history of prior, repeated BSA violations cited by examiners dating back to 2003. Trump Taj Mahal, a casino in Atlantic City, New Jersey, admitted to several willful BSA violations, including violations of AML program requirements, reporting obligations, and recordkeeping requirements. In addition to the civil money penalty, the casino is required to conduct periodic external audits to examine its anti-money laundering (AML) BSA compliance program and provide those audit reports to FinCEN and the casino’s Board of Directors. WASHINGTON, DC – The Financial Crimes Enforcement Network (FinCEN) today imposed a $10 million civil money penalty against Trump Taj Mahal Casino Resort (Trump Taj Mahal), for willful and repeated violations of the Bank Secrecy Act (BSA).
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