A non-U.S. bank and its New York State branch settled separate charges with the Federal Reserve Board and the New York Department of Financial Services for unauthorized disclosure of confidential supervisory information and anti-money laundering and related violations.
News & Insights
A New York bank settled charges with the Federal Reserve Board and New York Department of Financial Services for supervisory and Bank Secrecy Act compliance deficiencies in connection with the bank’s issuance of prepaid card accounts
The Federal Reserve Board issued a consent order to a foreign bank for inadequate Bank Secrecy Act/AML internal controls and deficiencies in its risk management and governance practices.
The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
The Federal Reserve Board determined that the National Bank of Pakistan, through its New York branch, must take affirmative action to correct AML deficiencies.