- The settlement decree demands the New York branch to improve its Bank Secrecy Act/Anti-Money Laundering and Sanctions Compliance programmes.
- The consent order is non-monetary.
- According to an exchange filing, the OCC’s concerns apply only to the bank’s NY Branch. On June 30, 0.6 percent of the bank’s assets were in New York.
- The consent decree just requires the branch to take corrective actions and will not harm the bank’s business.
A US regulator has requested that ICICI Bank’s New York branch improve its secrecy act processes.
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