Federal Penalty Prompts South Dakota Trusts Order

(Pierre, SD) — All 115 public and private trusts are being told by state regulators to conduct a self-assessment, after one of them was recently punished by federal regulators. The Financial Crimes Enforcement Network, a bureau of the U.S. Treasury, announced on April 26th a one-point-five million dollar civil penalty against The Kingdom Trust Company. Kingdom Trust acknowledged in a consent order that it “willfully failed to accurately and timely report suspicious transactions to FinCEN” from February 15th, 2016, through March 15th, 2021. The total value of assets dropped last year for financial trusts that South Dakota regulates.

More Stories

Today's Top Stories