The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a US$15 million civil money penalty against Shinhan Bank America (SHBA) for wilful violations of the Bank Secrecy Act (BSA) and its implementing regulations.

The wholly-owned subsidiary of  South Korea’s Shinhan Bank wilfully disregarded its obligations under the BSA to maintain an effective anti-money laundering (AML) programme and to identify and report suspicious transactions, according to FinCEN.

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