Violation Tracker Individual Record

Company: 
Industrial Bank of Korea
Current Parent Company: 
Industrial Bank of Korea
Penalty: 
$35,000,000
Year: 
2020
Date: 
April 20, 2020
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Violation Description: 

Industrial Bank of Korea and its New York branch agreed to pay fines totaling $35 million to New York State for violations of New York's bank secrecy and anti-money-laundering laws.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
South Korea
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.