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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-10-06T14:09:00
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 (AML) and Bank Secrecy Act (BSA) processes.
Shinhan Bank America was fined $15 million by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), $10 million by the New York State Department of Financial Services (NYDFS), and $5 million by the Federal Deposit Insurance Corporation (FDIC) for violations dating back to 2015, the agencies said last week. The total amount to be paid was $25 million.
Shinhan Bank’s failure to remediate the issues constituted “willful violations” of the BSA, FinCEN said.
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News and analysis for the well-informed compliance or audit exec.
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2024-01-10T17:48:00Z By Kyle Brasseur
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
2023-10-04T16:30:00Z By Kyle Brasseur
Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.
2023-09-29T20:06:00Z By Kyle Brasseur
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 and anti-money laundering requirements.
2024-07-01T15:58:00Z By Aaron Nicodemus
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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