BSA/AML

NYDFS FINES NORDEA BANK $35 MILLION FOR BSA/AML DEFICIENCIES

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Many takeaways from this 43-page Consent Order from NYDFS against Nordea Bank, including the view of DFS that: •   “[t]he combination of deficient AML controls, an unsophisticated transaction monitoring apparatus, and a decentralized global compliance program created a set of circumstances that exposed Nordea’s financial channels to a high risk of criminal abuse. Nordea’s relationships with … Read more

NYDFS PENALIZES WORLD’S LARGEST BANK BY ASSETS – ICBC– $30 MILLION FOR VIOLATING BSA/AML/OFAC AND CONFIDENTIAL SUPERVISORY INFORMATION REGULATIONS

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According to the DFS allegations (and other public information): •   State-owned Industrial and Commercial Bank of China has $22 Billion in assets in the New York branch alone, and over $5 Trillion globally, and is the world’s largest bank by assets according to the WSJ and third largest by capitalization according to Forbes. •   ICBC entered into … Read more