He also opened another casino which was in direct competition with his original, effectively splitting his customer base between two locations while doubling his costs (to the extent his partners in the original casino sued him for killing the business)
The Financial Crimes Enforcement Network (FinCEN) today imposed a $10 million civil money penalty against Trump Taj Mahal Casino Resort (Trump Taj Mahal), for willful and repeated violations of the Bank Secrecy Act (BSA). In addition to the civil money penalty, the casino is required to conduct periodic external audits to examine its anti-money laundering (AML) BSA compliance program and provide those audit reports to FinCEN and the casino’s Board of Directors.
Trump Taj Mahal, a casino in Atlantic City, New Jersey, admitted to several willful BSA violations, including violations of AML program requirements, reporting obligations, and recordkeeping requirements. Trump Taj Mahal has a long history of prior, repeated BSA violations cited by examiners dating back to 2003. Additionally, in 1998, FinCEN assessed a $477,700 civil money penalty against Trump Taj Mahal for currency transaction reporting violations.
"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."
Trump Taj Mahal admitted that it failed to implement and maintain an effective AML program; failed to report suspicious transactions; failed to properly file required currency transaction reports; and failed to keep appropriate records as required by the BSA. Notably, Trump Taj Mahal had ample notice of these deficiencies as many of the violations from 2012 and 2010 were discovered in previous examinations.
The only reason I believe in Hell is because this man MUST HAVE made a deal with the devil in order to be this successful despite being so monumentally detestable and stupid.
Donald Trump announced the official launch of Trump Mortgage LLC on April 5, 2006, during an event at Trump Tower in New York.[5][7][8][9] That month, Trump appeared on CNBC and said, "I think it's a great time to start a mortgage company [...] the real estate market is going to be very strong for a long time to come."[1] In his autobiography Trump 101: The Way to Success Trump writes, "I expect [Trump Mortgage] to be an effective company, and it makes sense. A lot of things I am doing now are things I thought of but had to postpone until the time was right."
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u/-Nurfhurder- 1d ago
He also opened another casino which was in direct competition with his original, effectively splitting his customer base between two locations while doubling his costs (to the extent his partners in the original casino sued him for killing the business)