Mian, a money services business in Georgia, has agreed to pay the Financial Crimes Enforcement Network a $45,000 penalty for repeatedly violating the Bank Secrecy Act.
The business, which operated as Tower Package Store, provided check-cashing services without properly filing reports and maintaining records on transactions that exceeded $10,000, Fincen said in a news release Tuesday.
Mian did not file currency transaction reports on approximately 40% of the transactions from December 2010 to November 2011 that required them, the release said.
Later, from December 2011 through November 2013, Mian failed to files timely CTRs on 91% of transactions that needed them, the release said.
Money services businesses "play a vital role in our economy," Fincen Director Jennifer Shasky Calvery said in the release. "There are recurring reports about banks dropping MSBs as customers. One thing is certain banks will be more willing to do business with MSBs that take their BSA obligation seriously."