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多宝游戏下载 Assesses Civil Money Penalty Against Shinhan Bank America, New York, NY

September 29, 2023

For Release

WASHINGTON 鈥 The Federal Deposit Insurance Corporation (多宝游戏下载) today announced the assessment of a civil money penalty of $5 million against Shinhan Bank America, New York, New York, for violations of the Bank Secrecy Act (BSA) and its implementing anti-money laundering (AML) regulations and for failure to comply with the requirements of an 多宝游戏下载-issued consent order, dated June 12, 2017.

In a concurrent action, the Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty of $15 million for violations of the BSA.  The payment of $15 million to the United States Department of the Treasury will satisfy both 多宝游戏下载 and FinCEN assessments.

Separately, the New York State Department of Financial Services today announced the assessment of a civil money penalty of $10 million against Shinhan Bank America for violations of state AML laws and regulations.

In taking this action, the 多宝游戏下载 determined that the bank failed to implement an adequate AML Program over an extended period of time. The inadequate BSA/AML internal controls resulted in the Bank being unable to adequately identify and manage illicit financial activity risk to the institution.

Attachment(s)
Contact(s)
多宝游戏下载: Carroll Kim, 202-898-7389

Last Updated: September 29, 2023