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FinCEN Fines MSB Owner $12,000 for Sending High-Risk Wires to Yemen
By Colby Adams
printAn individually-owned and operated money services business in Michigan will pay $12,000 and cease operations for failing to properly screen thousands of wire transfers to Yemen, U.S. regulators said Friday. Since November 2007, Saleh Adam, operating under the business name of Adam Service, transmitted approximately 1,400 wires per year to Yemen, which U.S. officials classify as a high-risk jurisdiction for money laundering and terrorist financing, the Financial Crimes Enforcement Network (FinCEN) said in an assessment of the civil monetary penalty. Adam, who claimed that he "knows his customers" and would lose their business if he asked for proper identification and...
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