An Indian American and a seasoned anti-money laundering specialist, Gyanendra Asre from New York, admitted guilt on Wednesday for orchestrating an unlawful scheme that funneled over $1 billion through small financial institutions, without proper oversight or filing required Suspicious Activity Reports.
From 2014 to 2016, Asre served on the supervisory board of the New York State Employees Federal Credit Union (NYSEFCU).
Despite assuring NYSEFCU of his commitment to adhere to anti-money laundering regulations, Asre directed high-risk transactions, including large sums from foreign banks, without implementing the necessary oversight.
Asre’s actions led to the NYSEFCU processing these transactions without filing a single Suspicious Activity Report, resulting in the credit union’s significant deficiencies and eventual liquidation in October 2017.
Scheduled for sentencing on May 3, Asre faces up to 10 years in prison.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network imposed a $100,000 civil penalty and a five-year ban from participating in any financial institution’s affairs.
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