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BSA/AML violations cost bank $15 million in penalties
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Investor Protections
Tuesday, October 10, 2023
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The
Federal Deposit Insurance Corp. and the Financial Crimes Enforcement Network
recently assessed $15 million in civil money penalties against
Shinhan Bank America, alleging the bank engaged in willful violations of the
Bank Secrecy Act and its implementing regulations. The FDIC also cited the
bank’s failure to comply with a consent order issued in June 2017.
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