Global: ICBC Set to Pay $32.4 Million to US Regulators for AML Lapses and Supervisory Information Disclosure

The Industrial and Commercial Bank of China Ltd (ICBC) and its New York branch are slated to pay $32.4 million in penalties due to the unauthorized utilization and revelation of confidential supervisory information, as announced by the Federal Reserve on Friday. The Federal Reserve, in collaboration with New York’s Department of Financial Services (NYDFS), initiated this action in response to the bank’s disclosure of information to a third party without obtaining regulatory approval.

According to a separate statement from NYDFS, an ICBC employee revealed supervisory information to a foreign regulator. The regulatory order effectively addresses “numerous” compliance failures, encompassing various deficiencies in the New York branch’s anti-money laundering (AML) program spanning from 2018 through 2022.

ICBC in New York has not issued an immediate comment on the matter.