March 24, 2016
The Financial Crimes Enforcement Network (FinCEN) today imposed a civil money penalty (CMP) against Thriftway Food Mart and its owner and compliance officer, Kustandy Rayyan, for willful and repeated violations of the Bank Secrecy Act (BSA). Mr. Rayyan has admitted to conduct that violated the BSA and has consented to a civil money penalty in the amount of $10,000.
Thriftway was the subject of a prior FinCEN investigation based on an Internal Revenue Service, Small Business/Self-Employed Division (IRS SB/SE) examination conducted in 2009 that found systemic anti-money laundering (AML) program violations, recordkeeping violations, and reporting violations. FinCEN issued a warning letter at that time, advising the company that FinCEN expected it to take corrective actions.