DIFFERENT ANGLE by Kenneth Rijock
The New York State Department of Banking and the Federal Reserve Bank of New York, and the New York branch of the Italian bank Intesa Sanpaolo S.p.A. have signed a Written Agreement that addresses BSA and anti-money laundering compliance policies & procedures.Though no monetary fines or penalties were levied, the consent agreement details compliance and risk-management deficiencies, and programmes that will remedy these shortcomings.
The New York branch is a state-chartered bank; the parent institution, which also signed the agreement, is located in Turin, Italy.The bank has agreed to
- Upgrade its BSA/AML compliance programme.
- Upgrade its SAR programme.
- Create an approved training programme.
- Build an improved transaction monitoring system.
- Perform a transaction review by outside auditors, looking back to January 2006, with a possibility of looking even further back, to January 2004.
- Prepare implementation and progress reports.
The New York State Department of Banking has taken the lead a number of times in joint investigations and cease & desist matters. Expect to see more from this regulator, as they continue to examine AML compliance programmes.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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