The Industrial and Commercial Bank of China has been fined by US authorities over failures, including anti-money laundering lapses and disclosure of confidential information.
ICBC and its New York branch have agreed to pay $30 million in penalties to resolve an investigation into «numerous Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance deficiencies and violations of New York law», according to a statement by the US state’s Department of Financial Services.
Multiple deficiencies were found at ICBC’s New York branch during its BSA/AML compliance program from 2018 to 2022. They include the failure to report an ex-employee's backdating of several compliance documents and the bank’s unlawful disclosure of confidential supervisory information to an overseas regulator.
Fed Penalty
The Federal Reserve also fined ICBC and its New York branch $2.4 million for unauthorized use and disclosure of confidential supervisory information, according to a separate statement. This includes bank examination reports and other confidential communications by banking regulators.
