• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

2025-07-11

Bitcoin Pushes Higher – $120K Next Milestone in Sight

2025-07-11

Bitcoin $118,000

2025-07-11

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Copy Trading in Crypto? A Beginner’s Guide

    2025-07-10

    A Step-by-Step Guide for Risk-Takers

    2025-07-09

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    2025-07-09

    How It Works and What to Watch Out For

    2025-07-09

    Crypto Risk Management Strategies for Trading (2025)

    2025-07-07
  • Videos

    Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

    2025-07-11

    Bitcoin Pushes Higher – $120K Next Milestone in Sight

    2025-07-11

    Bitcoin $118,000

    2025-07-11

    Crypto Trading Guide: Step-by-Step For Complete Beginners

    2025-07-11

    Bitcoin Shatters All-Time High…Next Stop

    2025-07-10
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»World’s Largest Bank To Pay $32,400,000 for Violating Bank Secrecy Act, Backdating Documents and Exposing Confidential Information
Regulation

World’s Largest Bank To Pay $32,400,000 for Violating Bank Secrecy Act, Backdating Documents and Exposing Confidential Information

2024-01-23No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
World’s Largest Bank To Pay $32,400,000 for Violating Bank Secrecy Act, Backdating Documents and Exposing Confidential Information
Share
Facebook Twitter LinkedIn Pinterest Email

The Federal Reserve and New York Department of Financial Services (DFS) just announced a multi million-dollar settlement with a Beijing-based banking giant.

The US agencies say the Industrial and Commercial Bank of China (ICBC) will pay a total of $32.4 million for failing to follow the Bank Secrecy Act and Anti-Money Laundering laws, neglecting to report backdated documents and revealing confidential information without prior approval from regulators.

According to the DFS, the Federal Reserve System issued a cease and desist order to ICBC and its New York branch in March of 2018 after an examination showed that the New York branch’s anti-money laundering protocols were inadequate. The order required ICBC’s New York branch to improve multiple areas in its systems including suspicious activity monitoring and reporting, but the DFS notes that some issues persisted for several years even after repeated reviews.

In addition, the DFS says a former relationship manager who worked at ICBC’s New York branch backdated several compliance documents at the behest of a senior employee.

In 2015, a senior employee discovered that a former relationship manager failed to countersign the USA Patriot Act certifications of some clients before leaving the company. But instead of reporting the mishap to regulators, the then-senior employee reached out to the former staff member with instructions to countersign the documents using different dates in 2014 – dates when the certifications should have been signed.

The ex-ICBC employee did as instructed, signing and backdating the certifications of five different ICBC clients. According to the DFS, ICBC “failed to report this misconduct to the Department in a timely fashion.”

See also  Tether denies WSJ allegations of falsified bank documents

Lastly, the DFS says ICBC violated a New York Banking Law when it disclosed confidential supervisory information (CSI) to a regulator outside the United States without prior authorization in late 2021. The information divulged involved details about regulatory investigations on the bank’s New York branch.

On top of the fine, the DFS is requiring the bank to submit a written plan that details improvements in compliance policies and procedures, corporate governance and management oversight, customer due diligence requirements as well as in the handling of CSI.

ICBC is the largest bank in the world with over $5.742 trillion in assets and locations in 47 countries and regions.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

act Backdating bank Confidential Documents Exposing information Largest pay Secrecy Violating Worlds
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

DCA Live 💥 When Worlds Collide 🌍🚀

2025-07-07

The World’s About to Collapse… And Crypto Might Save You

2025-07-05

GENIUS Act: The SECRET Path to a U.S. CBDC Revealed!

2025-06-29

Bitcoin Investors…The Genius Act PASSED

2025-06-17
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

Bitcoin and Crypto Make MAJOR BOUNCE After This…

2025-03-24

Today, let’s talk about Bitcoin, Crypto and Markets. Why is are markets going up today?…

Videos

Bitcoin Sees MAJOR Dip (Is It Over???)

2024-03-15

Today let’s talk Bitcoin and why it dipped over 11% last night. Is the dumping…

NFT

Aries Markets Launches the First NFT Governance-Based Platform on Aptos 

2023-03-27

NFT Govern With NFTs Aries Network announced the launch of OrderDAO, the first Non-Fungible Token…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

2025-07-11

Bitcoin Pushes Higher – $120K Next Milestone in Sight

2025-07-11

Bitcoin $118,000

2025-07-11

Crypto Trading Guide: Step-by-Step For Complete Beginners

2025-07-11
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 120,239.22
ethereum
Ethereum (ETH) $ 3,016.05
xrp
XRP (XRP) $ 2.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 693.10
solana
Solana (SOL) $ 164.20
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200678
tron
TRON (TRX) $ 0.301622
staked-ether
Lido Staked Ether (STETH) $ 3,012.03
bitcoin
Bitcoin (BTC) $ 120,239.22
ethereum
Ethereum (ETH) $ 3,016.05
xrp
XRP (XRP) $ 2.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 693.10
solana
Solana (SOL) $ 164.20
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200678
tron
TRON (TRX) $ 0.301622
staked-ether
Lido Staked Ether (STETH) $ 3,012.03