Resolution of U.S. Agency Inquiries
Today, September 29, 2023, Shinhan Bank America reached agreements with Federal Deposit Insurance Corporation (“FDIC”), New York State Department of (“NYS DFS”), and FinCEN to resolve inquiries focused on the Bank’s anti-money laundering (AML) compliance program. We have taken these matters seriously and we are pleased that this cooperative process has led to these final resolutions.
As part of this process, the government acknowledged that Shinhan Bank America has taken steps to strengthen compliance, including dedicating additional resources to improving the AML program, significantly increasing its AML staffing, adopting improved BSA policies and procedures, and investing in a sophisticated transaction monitoring system.
We are proud of the steps we continuously take to remain a trustworthy financial partner to our many valued customers.
Q. Why did US regulators reach these consent orders with the Bank?
These consent orders are focused on past shortcomings in the Bank’s AML compliance program and do not reflect the state of the Bank’s current program. The Bank has made significant improvements in its AML program and systems.
The consent orders do not involve any allegation that the Bank committed sanctions violations or money laundering violations.
Q. What is SHBA doing to address the situation?
As part of this resolution, the government acknowledged that SHBA has taken steps to strengthen compliance, including dedicating additional resources to improving its AML program, such as its investment in a more sophisticated transaction monitoring system, adopting improved BSA policies and procedures, and significantly increasing its BSA staffing.
Q. Is my business with the bank safe?
Yes. The Bank’s financial status is sound, and we maintain sufficient levels of liquidity. Shinhan Bank America is an FDIC-insured financial institution. All deposits held in the bank are insured up to $250,000 per depositor, per ownership category. These consent orders do not impact the Bank’s ability to serve all of its customers.
Customers can continue to use the Bank’s services as they have been.