US regulator asks Icici Bank’s New York branch to improve Secrecy Act processes

US regulator asks ICICI Bank’s New York branch to improve Secrecy Act processes

ICICI Bank’s federal branch in New York has entered into a consent order with its federal banking supervisor. The consent order requires the branch to improve certain processes in its Bank Secrecy Act/Anti-Money Laundering program.

The New York Federal Branch of ICICI Bank Ltd entered into a consent order with its federal banking supervisor, the Office of the Comptroller of the Currency on Oct. 3, the company said in an exchange filing.

The consent order requires the New York branch to improve certain processes in its Bank Secrecy Act/Anti-Money Laundering program and establish and maintain an effective Sanctions Compliance program. The consent order does not carry any monetary penalty.

The observations made by the OCC are restricted only to the bank’s New York branch, the company said in an exchange filing. The New York branch makes up 0.6 percent of the bank’s total assets as of June 30.

The consent order will not have a material adverse effect on the bank’s business. The consent order does not restrict any of the branch’s existing activities, other than requiring the corrective actions specified in the consent order.

Melissa Galbraith
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