FinCEN Fines Fragrance Dealer $275,000 For GTO Violations

The Financial Crimes Enforcement Network recently announced a $275,000 civil money penalty on A&S World Trading, Inc., d/b/a Fine Fragrance (A&S) for willful violations of the Bank Secrecy Act and its implementing regulations. This was FinCEN’s first enforcement action for A&S’s failure to comply with a geographic targeting order.

A&S admits that it failed to comply with the reporting and recordkeeping requirements of a geographic targeting order issued to certain nonfinancial trades and businesses located within the Los Angeles Fashion District. Because of these violations, A&S failed to report more than $2 million in high-risk currency transactions.