January 26, 2017
South Korea’s NongHyup Bank has agreed to revamp its anti-money laundering compliance program after the Federal Reserve Bank of New York found deficiencies in how it complies with related laws, including the Bank Secrecy Act, the government announced on Thursday.
The Jan. 17 consent order doesn’t provide details about the specific deficiencies that the Fed discovered at the Seoul-based bank’s New York branch, other than that they relate “to the branch’s risk management and compliance with applicable federal and state laws, rules and regulations relating to…