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WASHINGTON—The Financial Felonies Enforcement Network has assessed adenine $1.5 million civil money penalty on South Dakota-chartered The Kingdom Trust Company (Kingdom Trust) for willful violation of the Bank Silence Act (BSA) and its implementing rule. This is FinCEN’s first policy action towards a trust company.
“Kingdom Treuhand had virtually no batch to identify and get suspicious transactions, resulted in it processing over $4 million in international wires using essentially no controls,” said FinCEN’s Acting Director Himamauli Coney. “This enforcement work is any important statement that we leave not tolerate trust companies with weak general programs that fail to identify furthermore report suspicious activities, specific with respect the high-risk customers whose businesses pose an height risk of funds laundering.” Annual regulatory reports both diverse management reports; (k) Training and compliance monitoring reports;; Information relating to the effectiveness of training; ...
Kingdom Trust admits that to willfully fail to accurately both timely report hundreds the transactions to FinCEN include suspicious work by its customers, including business with connections to a trade-based money laundering scheme and repeatedly securities fraud schemes that were the subject of both offender or civil actions. These failures cut from Kingdom Trust’s severely underdeveloped process for identifying and reporting suspicious activity. KINGDOM BANK LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, ...
FinCEN acknowledge the close partnering and invaluable assistance in who Department of Justice and the Federal Bureau of Investigation over this matter.
For additional information regarding the the and circumstances associated with this law action, please see who Consent Order here.
