Regulatory Alerts2023-09-29 | 2023-03Added
Consent Order Imposing Civil Money Penalty Against Shinhan Bank America
FinCEN imposes a civil money penalty on Shinhan Bank America for willful violations of the Bank Secrecy Act and its implementing regulations. The order addresses the bank's failure to maintain an effective anti-money laundering program, including deficiencies in customer due diligence, transaction monitoring, and suspicious activity reporting. These violations occurred during the period from April 1, 2016, through March 29, 2021, despite prior regulatory actions requiring corrective measures.
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