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Violation Tracker Individual Record

Company: Industrial Bank of Korea
Current Parent Company: Industrial Bank of Korea
Penalty: $51,000,000
Year: 2020
Date: April 20, 2020
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Secondary Offense: banking violation
Mega-Scandal: Sanctions Violations
Violation Description: Industrial Bank of Korea agreed to pay $51 million and entered into a deferred prosecution agreement to resolve criminal allegations that it violated the Bank Secrecy Act by willfully failing to establish, implement, and maintain an adequate anti-money laundering program at its New York branch, a failure that permitted the processing of more than $1 billion in transactions in violation of the International Emergency Economic Powers Act.
Level of Government: federal
Action Type: agency action
Agency: U.S. Attorney-Southern District of New York
Civil or Criminal Case: criminal
Prosecution Agreement: deferred prosecution agreement
HQ Country of Current Parent: South Korea
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.