Consent Order Imposing Civil Money Penalty on The Kingdom Trust Company

FinCEN imposes a civil money penalty on The Kingdom Trust Company for willful violations of the Bank Secrecy Act due to its failure to timely and accurately file Suspicious Activity Reports (SARs) between February 2016 and March 2021. The order cites severe deficiencies in the company's transaction monitoring processes, including reliance on manual reviews by insufficiently trained staff, which resulted in hundreds of unreported suspicious transactions involving high-risk Latin American customers and aggregate values of approximately $88 million. The entity admits to the Statement of Facts and Violations and consents to the issuance of the Consent Order.

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UNITED STATES OF AMERICA
FINANCIAL CRIMES ENFORCEMENT NETWORK
DEPARTMENT OF THE TREASURY
IN THE MATTER OF: )
) Number 2023-01
The Kingdom Trust Company )
Murray, Kentucky )
)
CONSENT ORDER IMPOSING CIVIL MONEY PENALTY
The Financial Crimes Enforcement Network (FinCEN) has conducted a civil enforcement investigation and determined that grounds exist to impose a Civil Money Penalty against The Kingdom Trust Company (Kingdom Trust) for violations of the Bank Secrecy Act (BSA) and its implementing regulations. 1 Kingdom Trust admits to the Statement of Facts and Violations set forth below and consents to the issuance of this Consent Order.
I. JURISDICTION
Overall authority for enforcement and compliance with the BSA lies with the Director of FinCEN, and the Director may impose civil penalties for violations of the BSA and its implementing regulations.2 At all times relevant to this Consent Order, Kingdom Trust was a trust company organized under the laws of the state of South Dakota and therefore a “bank,” as defined by the BSA and its

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Lineage: In force

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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works