Industrial and Commercial Bank of China Fined $32.4 Million for Unauthorized Disclosure of Confidential Information

The Federal Reserve Board and the New York Department of Financial Services issued the fines due to the bank's lack of formal policies for handling confidential supervisory information and deficiencies in its anti-money laundering program.

The Industrial and Commercial Bank of China Ltd and its New York branch have been fined $32.4 million for unauthorized use and disclosure of confidential supervisory information.
The Federal Reserve Board and the New York Department of Financial Services issued the fines in a joint action.
The bank lacked formal policies and procedures for handling confidential supervisory information, leading to its unauthorized use and dissemination.
The bank also had multiple deficiencies in its anti-money laundering program from 2018 through 2022.
A former New York branch employee backdated several compliance documents at the direction of a colleague, and ICBC failed to report the misconduct in a timely manner.