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.
2024-01-19T18:43:00Z By Aaron Nicodemus
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
2023-10-20T20:00:00Z By Kyle Brasseur
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.
2023-10-06T14:09:00Z By Aaron Nicodemus
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
2025-10-20T17:29:00Z By Ruth Prickett
U.K. motor finance companies are preparing to pay billions in compensation after a Supreme Court ruling found they sold unfair car loans over many years, failing to disclose key information and denying consumers the chance to compare deals or negotiate.
2025-10-17T21:09:00Z By Oscar Gonzalez
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
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