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Bank of China NY Branch gets BSA fine

Published September 10th, 2018 by Salesadmin

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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”).

The Comptroller of the Currency of the United States of America (“Comptroller”) through his national bank examiners and other staff of the Office of the Comptroller of the Currency (“OCC”), has supervisory authority over and has conducted examinations of the Bank of China, New York Branch, New York, New York (“Branch”), a Federal branch of Bank of China Limited, Beijing, China (“Home Office”). The OCC has identified 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”), and has informed the Branch of the findings resulting from the examinations. These findings were the subject of a Consent Order, dated April 24, 2018 (“2018 Consent Order”). 

 The Branch, by and through its General Manager (“GM”) duly authorized by the Home Office, has executed a Stipulation and Consent to the Issuance of an Order for a Civil Money Penalty, dated April 18, 2018, that is accepted by the Comptroller (“Stipulation”). By this Stipulation, which is incorporated herein by reference, the Branch has consented to the issuance of this Consent Order for a Civil Money Penalty (“Order”) by the Comptroller. The Branch has begun corrective action, and has committed to taking all necessary and appropriate steps to remedy the deficiencies identified by the OCC, and to enhance the Branch’s BSA/AML and OFAC compliance programs.


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