ICBC to Pay Federal Reserve, New York Regulators $32.4 Million in Fines

By Ben Glickman

The Industrial and Commercial Bank of China and its New York branch will pay $32.4 million in fines to the Federal Reserve Board and New York regulators for disclosure and use of confidential supervisory information.

The Fed said on Friday that information includes reports of bank examinations and other communications with regulators. Banks can't disclose supervisory information without approval from regulators.

The board said its action was in conjunction with the New York Department of Financial Services, which fined the bank $30 million. The Fed fined the bank $2.4 million

New York regulators said on Thursday the bank had agreed to pay the fine as part of a consent order, which resolved an investigation into alleged compliance deficiencies.

The state's investigation concluded employees at the New York branch had backdated compliance documents and then failed to report the violations to the department in a timely manner, Financial Services Superintendent Adrienne Harris said.

The investigation also concluded the bank unlawfully disclosed the supervisory information to an overseas regulator.

ICBC agreed to create a written plan to enhance compliance policies and other oversight and reporting requirements.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

January 19, 2024 11:38 ET (16:38 GMT)

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