ICBC Faces $32 Million Fine from New York's Financial Regulator and Fed Due to Compliance Issues

Industrial & Commercial Bank of China (ICBC) is set to pay approximately $32 million to settle investigations into alleged compliance issues at its New York branch.

The settlements, announced on Friday, involve agreements with the Federal Reserve and the New York State Department of Financial Services. ICBC, recognized as the world's largest bank by assets, will pay $30 million as part of the New York State Department of Financial Services (NYDFS) settlement, addressing deficiencies in anti-money-laundering and Bank Secrecy Act compliance programs at its New York branch spanning from 2018 to 2022. Additionally, the Federal Reserve imposed a $2.4 million fine on ICBC for alleged unauthorized use and disclosure of confidential supervisory information.

The NYDFS investigation revealed issues such as backdated compliance documents and a failure to promptly report these concerns to the regulatory body. Despite the settlements, ICBC emphasized that the agreement acknowledged the bank's efforts to remedy the situation and does not accurately reflect the current state of compliance programs and internal controls at its New York branch. The bank underscored its commitment to prioritizing compliance and risk management.

In response, the NYDFS noted improvements in ICBC's compliance program during its 2023 examination, stating that the bank's New York branch had addressed previous concerns related to anti-money-laundering, Bank Secrecy Act, and sanctions compliance programs. As part of the settlement, NYDFS will need to approve ICBC's plan outlining enhancements to compliance policies and procedures, corporate governance, management oversight, customer due diligence requirements, and the handling of confidential supervisory information.

The Federal Reserve's enforcement action focused on ICBC's alleged misuse and disclosure of confidential supervisory information, highlighting the significance of maintaining the integrity of such sensitive data in the regulatory environment.

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