ICBC pays US$30m in New York for persistent AML and OFAC compliance breaches

The Industrial and Commercial Bank of China (ICBC) and its New York branch have settled with the New York Department of Financial Services (DFS) over findings of non-compliance with Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Asset Control (OFAC) requirements, as well for falsifying records by backdating certifications of know your customer (KYC) programs at correspondent banking clients.

The Industrial and Commercial Bank of China (ICBC) and its New York branch have settled with the New York Department of Financial Services (DFS) over findings of non-compliance with Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Asset Control (OFAC) requirements, as well for falsifying records by backdating certifications of know your customer (KYC) programs at correspondent banking clients.