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FOR FAILING TO SATISFY AML RULES
IPI money sent back to China
Commonwealth Casino Commission executive director Andrew Yeom said the money intended to cover six pay periods for employees of Imperial Pacific International (CNMI) LLC was sent back to China for failing to satisfy Anti-Money Laundering rules.
Speaking at the CCC monthly meeting in the CCC conference room at Springs Plaza yesterday, Yeom disclosed that, according to IPI Finance manager Frances Mafnas, Bank of Saipan sent back to China the funds intended to cover the six pay periods due to lack of documentation to fully satisfy AML requirements.
The executive director, however, disclosed that during his meeting with IPI Tuesday, he was shown a copy of funds transfer preview for over $2 million that is anticipated to arrive on Saipan yesterday or today, Thursday. He said the amount is good enough to cover the six pay periods, Oct. 9, 2020 to Dec. 18, 2020.
Yeom said this funds’ transfer that is coming from Hong Kong and is sent by IPI’s holding company should be fine in terms of AML compliance.
He said IPI’s employees’ payroll delay pattern has continued, from pay period 21 to 28, or eight pay periods, starting all the way back to Oct. 9, 2020 and to Jan. 15, 2021.
“So basically, in 2020 there are six payroll payments that are missed,” the executive director said.
