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Shinhan Bank reaches $25m settlement over compliance issues

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Photo: Gary Hershorn/Getty Images

Julie DiMauro

4 min read
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Three US regulatory agencies take enforcement against Shinhan Bank America for violations of mandates involving suspicious activity monitoring and reporting.

Shinhan Bank America (SHBA), the US unit of South Korea’s Shinhan Bank, has agreed to pay $25m to settle investigations into alleged compliance problems pursuant to a consent order entered into with the New York State Department of Financial Services (NYDFS), Federal Deposit Insurance Corporation (FDIC) and theFinCEN

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