Shinhan Bank pays US$25m for repeated non-compliance with AML consent orders

The New York subsidiary of Shinhan Bank Co. Ltd of South Korea has reached civil settlements worth US$25 million with US regulators after it failed to meet commitments given to correct deficiencies in its anti-money laundering program, under the Bank Secrecy Act (BSA), across the period 1 April 2016 to 29 March 2021.

The New York subsidiary of Shinhan Bank Co. Ltd of South Korea has reached civil settlements worth US$25 million with US regulators after it failed to meet commitments given to correct deficiencies in its anti-money laundering program, under the Bank Secrecy Act (BSA), across the period 1 April 2016 to 29 March 2021. [1]