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Fed fines UniCredit $158 million for inadequate sanctions controls

04/15/2019
Fine Amount: 
$158 million
Penalty Type: 
Issued by: 

The Federal Reserve Board on Monday announced it has fined UniCredit, S.p.A., a foreign bank operating in the United States and headquartered in Italy, and two of its subsidiaries $158 million for the firm's unsafe and unsound practices related to inadequate sanctions controls and supervision of its subsidiary banks.

The Board is also requiring the firm to improve its sanctions compliance program, including the adoption of procedures to address the specific vulnerabilities identified by the Board.

The Board's action was taken in conjunction with actions by the Department of Justice, the Office of the U.S. Attorney for the District of Columbia, the Department of Treasury's Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services. The penalties to be paid by UniCredit to all of the agencies total approximately $1.3 billion.

  • UnidCredit Order to Cease and Desist and to pay assessment of CMP

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