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The New York State Department of Financial Services, regarded by many as the most effective Banking Regulator in the United States, has executed a Consent Order, with the Agricultural Bank of China, Limited, and the bank's New York Branch, for "serious and persistent compliance failures."
The bank shall pay a $215m monetary fine, engage an independent monitor for its compliance program, conduct a look-back, to May, 2014, a transactions and OFAC sanctions review, revise its BSA/AML compliance program, submit a new suspicious activity monitoring and reporting program, a new EDD program, new revised internal audit program, and new management oversight program.
Readers who wish to review the complete text of the Consent Order can access it here.
Contributed by Kenneth Rijock
Chronicles of Monte Friesner
