FinCEN Issues $1.5 Million Civil Penalty on S. Dakota Kingdom Trust Company for AML Violations.

The article focuses on enforcement actions and legal developments related to financial regulation and international cooperation. It details the Financial Crimes Enforcement Network's (FinCEN) April 2023 imposition of a $1.5 million civil penalty on South Dakota-based Kingdom Trust Company for willful violations of the Bank Secrecy Act, including failures to timely and accurately file Suspicious Activity Reports (SARs) despite processing over $4 billion in high-risk transactions linked to money laundering and securities fraud. The consent order requires Kingdom Trust to engage independent consultants to review and remediate its anti-money laundering (AML) program. Additionally, the article reports on a U.S. District Court order appointing a commissioner to subpoena Banco Santander for documents in support of an Argentine tax dispute involving Transportadora de Energia S.A., illustrating international judicial cooperation under U.S. law and the Hague Evidence Convention.