A former Missouri banker pleaded guilty Wednesday to helping high-risk bank customers in evading the bank’s anti-money laundering controls, the inspector general for the federal bank deposit insurance agency said Thursday.
The Office of Inspector General (OIG) for the Federal Deposit Insurance Corp. (FDIC) said Peter McVey, 45, of Kansas City, Mo., pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA). McVey is the former vice president and director of treasury services for a bank, which the OIG did not identify.
According to a release, court documents contend that between April 2014 and July 2022, McVey assisted high-risk bank customers engaged in deceptive sweepstakes and short-term online loan activities in evading the bank’s anti-money laundering controls.
Specifically, the OIG stated, McVey worked with other bank officials and customers to submit fraudulent currency transaction report (CTR) exemption forms to the Financial Crimes Enforcement Network (FinCEN) and knowingly accepted forged bank forms from customers that permitted them to exceed applicable limits on daily transaction values.
McVey also admitted that he did not follow “know-your-customer” or suspicious activity report (SAR) requirements.
The former Missouri banker faces a maximum penalty of 10 years in prison and will pay a fine of $20,000, which is equal to his 2018 bonus from the bank, the OIG stated.
Former Banking Executive Pleads Guilty to Evading Anti-Money Laundering Regulations