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Fed and NYDFS order ICBC to pay $32.4m for AML, compliance program lapses

Staff at the Industrial and Commercial Bank of China (ICBC).
Photo: MN Chan/Getty Images

Julie DiMauro

6 min read
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Beijing-based ICBC signs consent order to resolve money laundering and confidential supervisory information compliance deficiencies.

As announced on Friday, the Industrial and Commercial Bank of China (ICBC) and its New York branch will pay $32.4m in fines to the Federal Reserve Board (FRB) and the New York Department of Financial Services (NYDFS) for what the regulators called numerous Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and sanctions

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