Financial Crime Financial Crime

Comment: Deficient compliance program dooms Kingdom Trust to US money laundering penalty

By Samuel Rubenfeld
  • 28 Apr 2023 21:52
  • 28 Apr 2023 21:52
Kingdom Trust relied on a “severely underdeveloped and ad hoc” process for identifying and reporting potentially suspicious activity even as the firm expanded into a new market area with a high risk for money laundering, according to a recent settlement it struck with the US Treasury Department.

The South Dakota-registered trust company —

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Samuel Rubenfeld


Samuel Rubenfeld is a reporter covering cases of bribery and corruption and some international trade issues. Prior to joining MLex, he was editor of the Kharon Brief, a news and data analysis platform focused on global security issues, including sanctions and export controls. Earlier in his career, Rubenfeld spent about a decade at The Wall Street Journal, including nearly nine years as a reporter covering corporate risk and compliance concerns such as bribery, money laundering, sanctions, terrorist financing and whistleblowers.

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