Regulatory Alerts2003-06-24 | 2003-04Added
Assessment of Civil Money Penalty in the Matter of Korea Exchange Bank
FinCEN assesses a $1.1 million civil money penalty against Korea Exchange Bank for willfully violating Bank Secrecy Act suspicious activity reporting and recordkeeping requirements. The Broadway Branch failed to file approximately 39 Suspicious Activity Reports involving nearly $32 million in transactions and neglected to verify and retain identity records for non-customer wire transfer beneficiaries. The Bank consents to the penalty and agrees to pay the full amount within five business days of the assessment's execution.