On April 26, 2023, the Financial Crimes Enforcement Network (FinCEN) announced a $1.5 million civil penalty and the filing of a consent order against Kingdom Trust Company (Kingdom) for violations of the Bank Secrecy Act and its implementing regulations.
In the Consent Order, FinCEN alleges the following conduct:
- Failure to implement a sufficient process to identify and report suspicious activity such as:
- Failure to recruit sufficient personnel with AML compliance experience;
continue reading »