On Wednesday morning, Gyanendra Asre, 56, of Greenwich, Conn., pleaded guilty in a federal courtroom to running a failed anti-money laundering program at a New York credit union.

By Wednesday afternoon, the Financial Crimes Enforcement Network (FinCEN) slapped a $100,000 civil money penalty against Asre, saying his willful violations of the Bank Secrecy Act (BSA) led to the collapse of the $1.8 million New York State Employees Federal Credit Union (NYSEFCU) that served 1,183 members for more than eight decades. But in just two years, Asre transformed "NYSEFCU from a one branch, not-for-profit credit union with a single common bond field of membership serving New York State employees to a conduit for repatriating bulk cash and checks from Mexico, through MSBs that Asre controlled, without any requisite AML oversight of the underlying transactions," according to FinCEN's 26-page consent order.