Bank of China NY Branch gets BSA fine
New York, NY
Fine Amount:
$12,500,000
Penalty Type:
The OCC has issued a consent order for a $12.5 million civil money penalty to Bank of China, New York Branch, a federal branch of Bank of Chna Limited, Beijing, for deficiencies in the Branch’s Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance program, that resulted in violations of 12 C.F.R. § 21.21 (BSA/AML compliance program), and 12 C.F.R. § 21.11 (suspicious activity report filings), and deficiencies in the Branch’s compliance with the requirements of the Office of Foreign Asset Control (“OFAC”).
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