TLDR: An ex-vice president of a Missouri bank has pleaded guilty to facilitating money laundering by high-risk customers. Peter McVey of Kansas City pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA).
Peter McVey, a former vice president and director of Treasury services for a bank in Missouri, has pleaded guilty to charges of facilitating money laundering by high-risk customers. McVey admitted to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA). The charges stemmed from McVey’s actions to deliberately evade regulations and allow high-risk customers to move illicit funds through the bank. Sentencing is scheduled for later this year, and McVey faces a potential prison sentence of up to 5 years and a fine of up to $250,000. The case highlights the ongoing struggle to combat money laundering and the importance of strong anti-money laundering programs within financial institutions.
