Trump Casino Fined $10MIL for Anti-Money-Laundering Violations

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Two years ago, the Trump Taj Mahal Casino was hit with a $10 million civil money penalty for “significant and long-standing” failures to comply with regulations that prevent money laundering.

According to the 2015 Financial Crimes Enforcement Network (FinCEN) release: Trump Taj Mahal admitted to willful violations of the Bank Secrecy Act (BSA), including:

  • failure to report suspicious transactions
  • failure to properly file required currency transaction reports and keep appropriate records and
  • repeated failure to fix deficiencies that left the casino vulnerable to money laundering activity. The FinCEN release states “Trump Taj Mahal has a long history of prior, repeated BSA violations cited by examiners dating back to 2003.”

“Trump Taj Mahal received many warnings about its deficiencies,” said FinCEN Director Jennifer Shasky Calvery. “Like all casinos in this country, Trump Taj Mahal has a duty to help protect our financial system from being exploited by criminals, terrorists, and other bad actors. Far from meeting these expectations, poor compliance practices, over many years, left the casino and our financial system unacceptably exposed.”

It’s interesting to note that Donald J. Trump had lost the Trump Taj Mahal to bankruptcy in 2005 but regained partial ownership of the casino in 2009 together with his daughter Ivanka Trump. Here is what he said about his plan for the casino in 2009:

“My daughter Ivanka and I will work tirelessly to MAKE THIS COMPANY GREAT AGAIN,” Donald Trump said.

 

Trump was not able to make his vision come true. The Trump Taj Mahal filed for bankruptcy for the THIRD TIME in September 2014, according to the FinCEN release.

A couple final facts to help fill in the picture:

  • A recent Dutch documentary claims Donald Trump has long-standing ties to Russian mobsters.
  • The Senate Intelligence Committee requested records from FinCEN on Trump earlier this month as part of the Trump-Russia investigation. They may be looking for evidence of money laundering and whether people close to Vladimir Putin have invested in Trump’s real estate empire, according to a CNBC report.

Draw your own conclusions from this info. I’ll just say:

When it looks like a skunk and smells like a skunk – it usually is a skunk!!

 

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