Shinhan Bank America fined $25M by FDIC, FinCEN, and NYSDFS
The FDIC determined and the Bank neither admits nor denies that the Bank violated the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., 12 U.S.C. § 1829b, 12 U.S.C. §§ 1951–1959, and 12 U.S.C. § 1818(s), and its implementing regulations, 31 C.F.R. Chapter X, 12 C.F.R. § 326.8, and 12 C.F.R. Part 353, and failed to comply with the requirements of the FDIC’s June 12, 2017 Consent Order, as amended and restated on October 13, 2022, FDIC-16-0237b, in a timely manner.
By reason of the Bank’s actions outlined above, a Five Million Dollar ($5,000,000) CMP is assessed against the Bank under 12 U.S.C. § 1818(i)(2) and is effective on issuance of this Order to Pay. The FDIC’s assessment is concurrent with the assessment of a CMP in the amount of Fifteen Million Dollars ($15,000,000) by the Financial Crimes Enforcement Network. Both assessments will be satisfied by one or more payments in the total amount of Fifteen Million Dollars ($15,000,000) to the Treasury of the United States.
Separately, the New York State Department of Financial Services announced the assessment of a civil money penalty of $10 million against Shinhan Bank America for violations of state AML laws and regulations.