December 21, 2017
Statement by DFS Superintendent Maria T. Vullo Regarding the Enforcement Action Taken Against NongHyup Bank
As always, DFS stands ready to take all necessary action to hold regulated institutions responsible for their illegal conduct and ensure full compliance with important BSA/AML statutes that protect our financial markets. The deficiencies found at NongHyup Bank and its New York branch warrant the action we are taking today and highlight the importance of DFS’s landmark transaction monitoring regulation. DFS appreciates the bank’s cooperation in this investigation and its commitment to undertake the actions required to remediate the issues DFS found.