On September 29, the Financial Crimes Enforcement Network (“FinCEN”) entered into a consent order with Shinhan Bank America (“SHBA”), which imposed a $15 million dollar civil penalty against SHBA for allegedly willfully...more
10/10/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Consent Order ,
Enforcement Actions ,
Failure To Implement ,
Failure-to-File ,
FDIC ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Public Corruption ,
Suspicious Activity Reports (SARs) ,
Transaction Monitoring
On July 26, the Department of Commerce, the Department of the Treasury, and the Department of Justice released a joint compliance notice (the “Compliance Notice”) updating and summarizing each agency’s position regarding the...more
8/3/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Department of Justice (DOJ) ,
Departments of Commerce ,
Economic Sanctions ,
Export Controls ,
FinCEN ,
National Security ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Self-Disclosure Requirements ,
U.S. Treasury ,
Voluntary Disclosure ,
Whistleblowers
On December 15, 2022, the New York Department of Financial Services (“NYDFS”) published an Industry Letter detailing the Department’s guidance regarding banking organizations that wish to engage in virtual currency-related...more