ICBC Fined $32 Million by New York’s Financial Regulator and Fed for Compliance Failures – WSJ

Industrial & Commercial Bank of China will pay about $32 million to resolve investigations into alleged compliance problems at the bank’s New York branch.

ICBC, the world’s largest bank by assets, entered into settlements with the Federal Reserve and the New York State Department of Financial Services, the regulators said Friday.

ICBC will pay $30 million in connection with an NYDFS investigation that found deficiencies in the anti-money-laundering and Bank Secrecy Act compliance programs at ICBC’s New York branch between 2018 and 2022. The Federal Reserve fined the bank another $2.4 million for alleged unauthorized use and disclosure of confidential supervisory information.

Source: ICBC Fined $32 Million by New York’s Financial Regulator and Fed for Compliance Failures – WSJ