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.
2024-08-28T17:41:00Z By Aaron Nicodemus
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.
2024-03-04T19:39:00Z By Jeff Dale
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.
2024-03-01T17:18:00Z By Jeff Dale
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.
2025-08-04T18:13:00Z By Adrianne Appel
The U.S. Department of Justice says the chief executive and medical director of Fast Lab Technologies allegedly engaged in a $500 million fraud scheme involving COVID-19 tests.
2025-07-31T18:47:00Z By Adrianne Appel
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
2025-07-31T16:44:00Z By Adrianne Appel
Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
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