Concern raised about first update to trust industry since 2021 sdpb.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sdpb.org Daily Mail and Mail on Sunday newspapers.
The state Division of Banking is rolling out a plan to ensure trust companies are better complying with federal law. The move comes after the Financial Crimes Enforcement Network, or FinCEN, fined a South Dakota registered trust company $1.5 million for failing to report suspicious transactions.
Last week, FinCEN “communicated,” so to speak, to private industry, law enforcement, regulators, and legislators in three very different ways: through a FY 2022 Year In Review.