A Florida credit union was fined $300,000 for Bank Secrecy Act violations federal regulators said were so serious, they may have put the entire U.S. financial system at risk.
The $3.6 million North Dade Community Development Federal Credit Union of Miami Gardens, Fla., admitted it committed numerous anti-money laundering failures from 2009 to 2014. The violations involved transactions from known high-risk areas such as Central America, the Middle East and Mexico, according to an assessment of civil penalty filed Nov. 25 by the Financial Crimes Enforcement Network.
The fine followed an NCUA cease-and-desist order from Sept. 6, 2013 regarding 11 action items related to potential BSA violations. Further investigation revealed the cooperative had contracted with a third-party vendor to provide services and sub-accounts to 56 money services businesses in locations outside its field of membership.
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