First National Community Bank of Dunmore, PA will pay $1.5 million for failing to report transactions linked to a pair of former state judges who secretly profited by sending minors to detention facilities. The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the Currency (OCC) fined the bank for not identifying signs that its then-board member and former state judge Michael Conahan had used his accounts to launder his profits from sending thousands of juveniles to for-profit youth centers in exchange for kickbacks. The bank did not file a suspicious activity report (SAR) despite...
When law enforcement officials speak at ACAMS conferences, they frequently recount how suspicious activity reports helped them catch members of a drug cartel or human traffickers and they thank the audience.
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