Regulatory Alerts2023-04-26 | 2023-01Added
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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