The Financial Crimes Enforcement Network (FinCEN) has imposed a $15 million civil money penalty on Shinhan Bank America (SHBA) for intentional breaches of the Bank Secrecy Act (BSA) and its regulations.
SHBA willfully neglected its BSA obligations, failing to maintain an effective anti-money laundering (AML) program and report suspicious transactions to FinCEN, despite being informed of these issues since 2015, according to FinCEN Director Andrea Gacki. This serves as a reminder that AML program shortcomings must be promptly addressed, and FinCEN takes repeated BSA violations seriously.
SHBA confessed to willful BSA violations from April 2016 to March 2021, including a failure to establish an effective AML program and delayed reporting of suspicious transactions, leading to millions of dollars in suspicious transactions not being reported on time, including those related to tax evasion, corruption, and money laundering.
FinCEN acknowledges collaboration with the Federal Deposit Insurance Corporation (FDIC) and thanks the New York State Department of Financial Services (NYDFS). FDIC imposed a $5 million penalty for related violations, which FinCEN will credit. NYDFS also levied a $10 million civil penalty for AML-related violations.
FinCEN’s Office of Enforcement investigates serious BSA violations. For more details on this enforcement action, refer to the Consent Order between FinCEN and SHBA, which outlines specific BSA violations and their root causes.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}