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Michigan MSB Shuts Down Following FinCEN Penalty For Sending Thousands of Wire Transmissions to Yemen Without Anti-Money Laundering Controls
The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a civil money penalty against Saleh H. Adam, doing business as Adam Service, a money services business (MSB). A FinCEN investigation determined that, since November 2007, Adam Service committed serious and willful violations of the Bank Secrecy Act’s (BSA) program, recordkeeping, and reporting requirements. Adam Service admitted the facts alleged in FinCEN’s enforcement action and admitted that its conduct violated the BSA. Adam Service and Saleh H. Adam also agreed to cease operating as an MSB and immediately surrender the MSB’s registration to FinCEN.
News Release:http://www.fincen.gov/news_room/nr/pdf/20140207.pdf
Enforcement Action:http://www.fincen.gov/news_room/ea/files/FinalAdamServiceASSESSMENT2-7-14.pdf
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