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WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Shinhan Bank America (SHBA) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. “SHBA willfully disregarded its obligations under the BSA to maintain…
| Enforcement Action
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WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing a Notice of Proposed Rulemaking (NPRM) to extend the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports. FinCEN is proposing to amend its final BOI Reporting Rule to…
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WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule.  Starting in 2024, many entities…
| News
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.  This is FinCEN’s first enforcement…