- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-19T18:43:00
The Industrial and Commercial Bank of China (ICBC) and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address long-standing compliance failures and for the unauthorized disclosure of confidential supervisory information (CSI) to an overseas regulator.
The New York State Department of Financial Services (NYDFS) fined the ICBC $30 million for failing to correct deficiencies found in its anti-money laundering (AML) and sanctions screening processes over several examination cycles from 2018-22, according to a press release Friday.
The Federal Reserve Board separately announced a $2.4 million fine against the ICBC for the unauthorized use and disclosure of CSI.
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Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
