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FinCEN Assesses $1.5 Million Civil Money Penalty Against Kingdom Trust Company for Violations of the Bank Secrecy Act
April 27, 2023
WASHINGTON, April 27 -- The U.S. Department of the Treasury's Financial Crimes Enforcement Network issued the following news release:

The Financial Crimes Enforcement Network has assessed a $1.5 million civil money penalty on South Dakota-chartered The Kingdom Trust Company (Kingdom Trust) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. This is FinCEN's first enforcement action against a trust company.

"Kingdom Trust had virtu . . .

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