USA’s Financial Crimes Enforcement Network (FinCEN) has imposed a civil monetary penalty of $275,000 on A&S World Trading, Inc. for knowingly violating the country’s Bank Secrecy Act (BSA).
A&S has admitted to its failure to comply with the reporting and record-keeping requirements of a Geographic Targeting Order (GTO). This GTO had been issued to various non-financial trades and businesses in the Los Angeles Fashion District.
As such, the company failed to report high-risk currency transactions worth over two million dollars.
Source: FinCEN, USA