ICBC fined $32M by NYDFS, Fed over compliance lapses
By 
Aaron Nicodemus2024-01-19T18:43:00
The Industrial and Commercial Bank of China (ICBC) and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address long-standing compliance failures and for the unauthorized disclosure of confidential supervisory information (CSI) to an overseas regulator.
The New York State Department of Financial Services (NYDFS) fined the ICBC $30 million for failing to correct deficiencies found in its anti-money laundering (AML) and sanctions screening processes over several examination cycles from 2018-22, according to a press release Friday.
The Federal Reserve Board separately announced a $2.4 million fine against the ICBC for the unauthorized use and disclosure of CSI.
Related articles
-
News BriefNordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
-
News BriefMetropolitan Commercial Bank adds risk chief, AML officer
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
-
News BriefGreen Dot estimates up to $50M in liabilities over proposed Fed order
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
More from Regulatory Enforcement
-
ArticleFormer Capula CCO alleges misconduct and retaliation at the hedge fund firm
The former U.S. chief compliance officer of hedge fund firm Capula Investment Management has blown the whistle against his former employer, alleging he was terminated for raising concerns about improper expensing practices.
-
ArticleFINRA fines First Trust $10M for allegedly giving too-generous gifts to brokers
First Trust Portfolios has been fined $10 million by FINRA for allegedly providing excessive meals, gifts, and other incentives to broker-dealers.
-
ArticleCompliance officers accused of helping criminals run $346 million international payment fraud network
Four U.S. citizens were arrested in California Wednesday in connection with a massive, $346 million international credit card fraud scheme based in Germany, in which compliance officers were allegedly complicit, according to the DOJ.