US AML officer fined US$100,000 by FinCEN & faces prison term

An experienced wholesale currency trader, whose work in a New York credit union, including as Bank Secrecy Act (BSA) officer, was a "major contributing factor" in its closure, has received a US$100,000 civil penalty from FinCEN and agreed to a five-year ban from employment by any 'financial institution' as defined in the BSA. Gyanendra Kumar Asre pleaded guilty in federal court, on 31 January [2024], to failing to maintain an AML programme in violation of the BSA while he directed the New York State Employees' Federal Credit Union (NYSEFCU) into international bulk cash and cheque clearing operations. He faces up to 10 years in prison.

An experienced wholesale currency trader, whose work in a New York credit union, including as Bank Secrecy Act (BSA) officer, was a "major contributing factor" in its closure, has received a US$100,000 civil penalty from FinCEN and agreed to a five-year ban from employment by any 'financial institution' as defined in the BSA. [1] Gyanendra Kumar Asre pleaded guilty in federal court, on 31 January [2024] [2], to failing to maintain an AML programme in violation of the BSA while he directed the New York State Employees' Federal Credit Union (NYSEFCU) into international bulk cash and cheque clearing operations. He faces up to 10 years in prison.