FinCEN takes action against Kingdom Trust Company

by Keith Schostag, NAFCU Compliance Blog

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.

Alleged Conduct

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;

 

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