The Industrial and Commercial Bank of China and its New York branch entered into a consent agreement with the Board of Governors of the Federal Reserve System ("FRB"). The bank agreed to strengthen its sanctions screening systems and Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") processes.
Specifically, the bank agreed to enhance the oversight of its compliance with BSA/AML requirements and regulations issued by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), including revisions to the bank's policies and procedures for customer due diligence, OFAC screening, transaction monitoring and reporting, and internal audits.
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