The statement emphasized the importance of a professional workplace that respects and values the contributions of all employees. It also condemned any conduct that is inappropriate or unprofessional and called for accountability for those responsible.

As Board Members, Hill and McKernan emphasized their obligation to ensure that the FDIC holds all responsible employees and managers accountable for any inappropriate conduct. They also stressed the importance of protecting employees who have experienced unprofessional conduct and providing appropriate avenues for reporting misconduct.

The statement also called for an independent review of the agency’s workplace culture, initiated by the Chairman, to be effectively overseen by the Board and given the time and latitude needed to conduct a thorough, holistic review. The Board should be appropriately informed throughout the review process.

Finally, the statement emphasized that ensuring a professional work environment throughout the agency and providing transparency and accountability for employees and the public must be top priorities for the Board.

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The joint statement by Vice Chairman Hill and Director McKernan underscores the FDIC’s commitment to a professional workplace culture that values all employees and condemns inappropriate conduct. The statement emphasizes the importance of accountability, transparency, and protecting employees who have experienced unprofessional conduct. The Board’s commitment to ensuring a professional work environment and providing transparency and accountability must remain a top priority.

The post FDIC Board Members Speak Out Against Inappropriate Conduct in the Workplace appeared first on NRI News.

In a concurrent action, the Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty of $15 million for violations of the BSA. The payment of $15 million to the United States Department of the Treasury will satisfy both FDIC and FinCEN assessments.

The New York State Department of Financial Services has also imposed a civil money penalty of $10 million against Shinhan Bank America for violations of state AML laws and regulations.

The FDIC has determined that the bank failed to implement an adequate AML program over an extended period of time. The inadequate BSA/AML internal controls resulted in the bank being unable to adequately identify and manage illicit financial activity risk to the institution.

Shinhan Bank America has been ordered to pay the civil money penalty. The bank has not yet commented on the matter.

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The three consent orders were issued to banks for violations of various regulations, including the Bank Secrecy Act and anti-money laundering laws. The orders require the banks to take corrective action and implement measures to prevent future violations.

The three orders terminating consent orders were issued to banks that had previously been subject to consent orders. The orders terminate the previous consent orders and release the banks from their obligations under those orders.

The two orders of prohibition were issued to individuals who had engaged in unsafe or unsound banking practices. The orders prohibit individuals from participating in the affairs of any insured depository institution without the prior approval of the FDIC.

Finally, the order to pay a civil money penalty was issued to a bank for violations of the Flood Disaster Protection Act. The bank was ordered to pay a penalty of $50,000.

It is important to note that no administrative hearings are scheduled for October 2023. The FDIC will continue to monitor banks and individuals for compliance with banking regulations and take enforcement action when necessary.

The post FDIC Releases List of Administrative Enforcement Actions Taken in August 2023 appeared first on NRI News.