South Korea Bank's NY Unit Fined $25M Over AML Lapses
By Emilie Ruscoe ( September 29, 2023, 7:32 PM EDT) -- The New York-based subsidiary of South Korean financial giant Shinhan Financial Group will pay federal and New York state banking regulators a total of $25 million in connection with claims that "substantial compliance deficiencies" affected its transaction monitoring and its obligations under the anti-money laundering Bank Secrecy Act despite previous enforcement actions to address the issues....
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