A financial institution settled New York State Department of Financial Services ("NYDFS") charges for supervisory and anti-money laundering compliance failures relating to the accounts of Jeffrey Epstein.
NYDFS found that the bank "conducted business in an unsafe and unsound manner," in violation of New York Banking Law § 44.113, and "failed to maintain an effective and compliant anti-money laundering program, in violation of 3 NYCRR § 116.2." NYDFS also noted that the bank failed to adequately supervise activities of certain foreign bank clients concerning their correspondent and dollar-clearing business.
To settle the charges, the bank agreed to pay $150 million.
Originally published July 08, 2020.
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