News

The U.S. Financial Crimes Enforcement Network disclosed a $500,000 civil monetary penalty Wednesday against a Bronx-based credit union for what the bureau said were willful failures to comply with anti-money laundering regulations. In a 9-page assessment, FinCEN said that Bethex Federal Credit Union, which last year was taken into conservatorship, then liquidated, by the National Credit Union Association in part as a result of reputational damage incurred from its AML deficiencies, initially operated as a community lender providing account services to low and middle-income clients. But the credit union's operations expanded dramatically in 2011, when it began processing transfers for...