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Fed, NYDFS order $32.4 million in penalties for BSA/AML violations
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Banking, Industry Regulation
Tuesday, January 30, 2024
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The Federal Reserve and the New York Department of Financial Services (NYDFS) fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $32.4 million combined for using and disclosing confidential supervisory information without authorization. The NYDFS charged the bank with several Bank Secrecy Act/Anti-Money Laundering compliance deficiencies and violations of state law.
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