In a federal court in Brooklyn, Gyanendra Asre pleaded guilty to failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act, as part of a scheme to bring lucrative and high-risk international financial business to a small, unsophisticated credit union. When sentenced, Asre faces up to 10 years in prison.
In a parallel action, Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty of $100,000 and a five year ban from AML supervisory employment.
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