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