FinCEN announces $15m civil money penalty against Shinhan Bank America for violations of the Bank Secrecy Act

SHBA admitted to willfully violating the BSA from April 2016 through March 2021, by failing to implement and maintain an effective AML program that was reasonably designed to guard against money laundering and failing to timely report several hundred transactions to FinCEN involving suspicious financial activity by its customers processed by, at, or through the bank.