New York State's financial regulator fined Japan's largest bank for the second time in two years Tuesday for sanctions-related infractions, bringing the institution's total outlay to more than half of a billion dollars.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
New York's financial regulator Thursday said a Japanese bank must pay $250 million for breaking a state recordkeeping law-the second time the agency has used the rule against sanctions violators.
It's a question few banks ever want to hear from the U.S. Treasury Department's sanctions arm: would you waive your statute of limitations protections and allow us to review more data?
For many anti-money laundering and sanctions professionals, 2012 will be remembered as a year of record fines. Banks paid billions to settle AML and sanctions compliance violations, with one penalty alone reaching almost $2 billion.
A Web site that purports to list the foreign correspondent relationships of many of Iran's financial institutions could cause U.S. institutions to rethink their ties to well-known international banks.
Facing possible regulatory sanctions for continued compliance deficiencies, Union Bank of California has created the new position of chief risk officer responsible for overseeing anti-money laundering and risk compliance reporting companywide.
The Financial Services Agency ordered Bank of Tokyo to improve its New York branchs policies for identifying politically exposed persons, correspondent accountholders and other high-risk customers, including those who conduct frequent wire transactions.
The Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department reprimanded the Bank of Tokyo's Mitsubishi UFJ Trust Company on Monday for "unsafe and unsound" practices in its New York branch.
The U.S. Federal Deposit Insurance Corporation and the New York State Banking Department reprimanded the Bank of Tokyo Mitsubishi UFJ Trust Company on Monday for unsafe and unsound practices in its New York branch.
The Federal Reserve Bank of New York announced this week their signing of a written agreement to enhance anti-money laundering controls at the Union Bank of California International in New York (UBOCI).