Puerto Rico-based Bancrédito International Bank and Trust Corporation, now in liquidation,  has been fined US$15 million by the US treasury department’s Financial Crimes Enforcement Network (FinCEN). The bank admitted “wilful violations” of the Bank Secrecy Act (BSA) and its implementing regulations regarding suspicious activity monitoring and anti-money laundering (AML) compliance.

This is FinCEN’s first action against a Puerto Rican international banking entity (IBE).

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