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THE INVESTOR
December 15, 2018
Big Reunion

Finance

NongHyup to pay US$11m penalty for lax compliance in NY

  • PUBLISHED :December 22, 2017 - 14:54
  • UPDATED :December 22, 2017 - 14:55
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[THE INVESTOR] Korea-based NongHyup Bank is set to pay US$11 million in penalty for negligence of anti-money laundering compliance by its New York branch, according to local media reports.

The bank’s board on Dec. 22 decided to submit a performance agreement to the New York State Department of Financial Services and pay the fine. The penalty is almost twice as much as NongHyup New York branch’s net profit in 2016. 


Related: 
NongHyup hopes to avoid fines for lax compliance in NY


In January this year, the New York Federal Reserve Bank and the DFS inspected the operations of NongHyup’s local branch and identified deficiencies relating to risk management and compliance as applicable under federal and state regulations relating to anti-money laundering compliance.

Following the inspection, NongHyup filed a written agreement with NY Fed Reserve, promising to strengthen its compliance and management oversights. However, the DFS has decided to impose fines on its New York branch.


By Park Ga-young (gypark@heraldcorp.com)

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