ICICI Bank cited by OCC for BSA/AML compliance failures


The Office of the Comptroller of the Currency (OCC) ordered the New York branch of a Mumbai-based bank to implement sweeping changes to its anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance programs but will not fine the bank if the improvements are completed.

ICICI Bank has a history of BSA/AML program failings but has begun corrective action to remedy its deficiencies, the OCC said in an Oct. 3 consent order published Oct. 20. The order requires ICICI Bank to cease and desist from further violations of the OCC’s BSA/AML rules, as well as failing to correct previously identified compliance issues with those rules.

Among the problems previously identified by the OCC were a weak system of internal controls, a weak BSA officer function, and an insufficient training program. As a result, ICICI Bank violated OCC rules regarding the filing of suspicious activity reports, bank AML controls, beneficial ownership requirements for legal entity customers, and recordkeeping requirements.

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