New York-Based Hair Product Companies That Violated Bank Secrecy Act

NJ 2014 Community Banks / Credit Unions

DOJ Fraud

Penalty

$300 million

Outcome

New York-Based Hair Product Companies That Violated Bank Secrecy Act Agree To Pay $15 Million, Make Compliance Reforms In Settlement With New Jersey U.S. Attorney

Details

New York-Based Hair Product Companies That Violated Bank Secrecy Act — DOJ Enforcement (2014)

Outcome: New York-Based Hair Product Companies That Violated Bank Secrecy Act Agree To Pay $15 Million, Make Compliance Reforms In Settlement With New Jersey U.S. Attorney

How Crucible Prevents This

Crucible's compliance monitoring for Community Banks / Credit Unions would have detected the patterns underlying this enforcement action.

Source: DOJ Press Release — New York-Based Hair Product Companies That Violated Bank Secrecy Act Agree To Pay $15 Million, Make Compliance Reforms In Settlement With New Jersey U

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