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New York Regulator Takes On China’s Largest Bank

New York Regulator Takes On China’s Largest Bank

by Starling Insights

Starling Insights Editorial Board

Jan 30, 2024


The Industrial and Commercial Bank of China (ICBC) will pay $32.4 million to settle investigations by the US Federal Reserve and the New York State Department of Financial Services (NYDFS) over compliance issues at its New York branch. 

The NYDFS found deficiencies in ICBC's Anti-Money Laundering and Bank Secrecy Act compliance programs from 2018 to 2022. The Federal Reserve levied its own penalty for the alleged unauthorized use and disclosure of confidential supervisory information.

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