Shinhan Bank America fined $25M for repeat AML compliance failures
By 
Kyle Brasseur2023-09-29T20:06:00
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements.
Shinhan Bank America was fined $15 million by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for willfully violating the BSA by failing to implement and maintain an effective AML program and neglecting to timely report hundreds of transactions involving suspicious financial activity by its customers, the agency announced in a press release Friday. As part of its action, FinCEN credited a $5 million penalty levied by the Federal Deposit Insurance Corporation (FDIC) regarding its related findings.
Separately, the New York State Department of Financial Services (NYDFS) fined Shinhan Bank America $10 million as its state regulator.
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