Peter McVey, Evading Anti-Money Laundering Regulations, Missouri 2022

A high-ranking banking executive in Kansas City, Missouri, has pleaded guilty to evading the bank’s anti-money laundering controls and assisting high-risk customers in deceptive activities.

Peter McVey, 45, a former vice president and director of treasury services for a bank, admitted to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA) between April 2014 and July 2022.

According to court documents, 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.

Additionally, McVey admitted to not following know-your-customer or suspicious activity report requirements, which further compromised the bank’s anti-money laundering controls.

McVey faces a maximum penalty of 10 years in prison and will pay a fine of $20,000, equal to his 2018 bonus from the bank.

A federal district court judge will determine the final sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The case is being investigated by the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), the IRS Criminal Investigation (IRS:CI), and the FBI, with Trial Attorney Chad M. Davis of the Criminal Division’s Money Laundering and Asset Recovery Section and Assistant U.S. Attorneys Kathleen D. Mahoney, Patrick D. Daly, and Matthew N. Sparks prosecuting the case.

McVey’s plea highlights the importance of maintaining effective anti-money laundering controls in the financial industry to prevent and detect illicit activities.

The case is a reminder that individuals who compromise these controls will face serious consequences, including imprisonment and financial penalties.

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