FinCEN Fines Trump Taj Mahal for AML Violations

On February 10, 2015, court filings revealed that Trump Taj Mahal Associates, LLC ("Trump Taj Mahal"), owner of the Trump Taj Mahal Casino Resort in Atlantic City, NJ, reached a settlement with the Financial Crimes Enforcement Network ("FinCEN") to pay a civil money penalty of $10 million for deficiencies in its anti-money laundering ("AML") compliance program.

The settlement, described in a proposed consent order filed as part of Trump Taj Mahal's Chapter 11 plan, requires the casino owner to admit to repeatedly and willfully violating the program, reporting, and recordkeeping provisions of the Bank Secrecy Act. In addition to the $10 million penalty, the settlement requires Trump Taj Mahal to retain an independent third party to review its AML compliance program.

If approved by the United States Bankruptcy Court, FinCEN will be designated a general unsecured creditor and the casino will be permitted to continue operating.

See: Settlement Order.