A man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial institutions, the U.S. Department of Justice said.
The man, 56-year-old Gyanendra Asre of Greenwich, Connecticut, pleaded guilty in Brooklyn federal court to one count of failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network, meanwhile, on Wednesday assessed a $100,000 civil penalty on Asre and banned him from participating in any financial institution's affairs for five years.
He had previously been employed as a senior vice president at a domestic bank, and was "experienced in international banking and trained in anti-money laundering compliance and procedures," the DOJ said.
Asre "represented to the NYSEFCU that he and his businesses would conduct appropriate anti-money laundering oversight as required by the Bank Secrecy Act," according to the DOJ.
Persons:
Asre, Attorney Breon Peace
Organizations:
U.S . Department of Justice, DOJ, U.S . Department, Network, U.S, Attorney, New York, Employees Federal Credit Union, Bank
Locations:
Greenwich , Connecticut, Brooklyn