NEW YORK REGULATOR LEVIES USD235 MILLION FINE ON ITALIAN BANK OVER MAJOR AML LAW BREACHES
December 1st, 2016
INTERNATIONAL Italian bank Intesa Sanpaolo and its New York branch have been fined USD235 million for breaking New York state anti-money laundering (AML) regulations, including those based on the federal USA Bank Secrecy Act (BSA).
The New York State Department of Financial Services (DFS) has also ordered that the bank continue a robust review of its AML procedures under an independent consultant.
The fine follows a DFS investigation discovering that between 2002 and 2006 Intesa used what a department note branded “opaque methods and practices to conduct more ...
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