Washington DC : The former vice president of a bank located in Missouri pleaded guilty today to assisting high-risk bank customers in evading the bank’s anti-money laundering controls.
Peter McVey, 45, of Kansas City, Missouri, who served as vice president and director of treasury services for a bank, pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA).
According to court documents, 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, McVey worked with other bank officials and customers to submit fraudulent Currency Transaction Report exemption forms to the Financial Crimes Enforcement Network 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 requirements.
McVey faces a maximum penalty of 10 years in prison. He will also pay a fine of $20,000, which is equal to his 2018 bonus from the bank. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division, U.S. Attorney Teresa A. Moore for the Western District of Missouri, Special Agent in Charge Justin R. Bundy of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG) Kansas City Region, Special Agent in Charge Thomas F. Murdock of the IRS Criminal Investigation (IRS:CI) St. Louis Field Office, and Assistant Director Michael Nordwall of the FBI’s Criminal Investigative Division made the announcement.
FDIC-OIG, IRS:CI, and the FBI are investigating the case.
Trial Attorney Chad M. Davis of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorneys Kathleen D. Mahoney, Patrick D. Daly, and Matthew N. Sparks for the Western District of Missouri are prosecuting the case.
MLARS’ Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.
