Kingdom Trust pays US$1.5m to FinCEN over SAR process failings

South Dakota-based Kingdom Trust Company, which primarily provides custody services, has agreed to a civil penalty of US$1.5 million after the US Financial Crimes Enforcement Network (FinCEN) discovered major defects in its management and filing of suspicious activity reports between 15 February 2016 and 15 March 2021.

South Dakota-based Kingdom Trust Company, which primarily provides custody services, has agreed to a civil penalty of US$1.5 million after the US Financial Crimes Enforcement Network (FinCEN) discovered major defects in its management and filing of suspicious activity reports (SARs) between 15 February 2016 and 15 March 2021. [1]