Enforcement actions.The Federal Reserve Board on May 10, 2004, announced the issuance of an order of assessment of a civil money penalty in the amount of $100 million against UBS, AG, Zurich, Switzerland, a foreign bank. UBS, without admitting to any allegations, consented to the issuance of the order in connection with U.S. dollar banknote transactions with counterparties in jurisdictions subject to sanctions under U.S. law, specifically Cuba, Libya, Iran, and Yugoslavia. The transactions were conducted through UBS's Extended Custodial Inventory (ECI) facility in Zurich, Switzerland, which was operated pursuant to a contract with the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . The Reserve Bank determined that certain former officers and employees of UBS engaged in intentional acts aimed at concealing the transactions and terminated the contract in October 2003. ECIs are overseas cash depots, operated by banks on behalf of the Federal Reserve, to facilitate distribution and repatriation of U.S. currency. The Board acknowledged the cooperation of the U.S. Department of the Treasury and its Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. in the preparation of this order. The order is being issued in coordination with a separate action being taken by the Swiss Federal Banking Commission. The Federal Reserve Board on June 17, 2004, announced the issuance of a final decision and order of prohibition against Stephanie Edmond, a former employee of First Tennessee Bank, N.A., Memphis, Tennessee, as well as Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A., Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . The order, the result of an action brought by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , prohibits Ms. Edmond from participating in the conduct of the affairs of any financial institution or holding company. Cease and Desist Orders The Federal Reserve Board on May 10, 2004, announced the issuance of a cease and desist order against CAB Holding, LLC, Wilmington, Delaware, and Paul Shi H. Huang, the sole shareholder of CAB Holding, LLC. The order addresses the violation of certain conditions imposed in writing on CAB Holding and Mr. Huang in connection with the acquisition of The Chinese American Bank Chinese American Bank (中美銀行) is an overseas Chinese bank in the United States headquartered in New York City, with branch offices in Chinatown, Manhattan and Flushing, Queens. , New York, New York. The Federal Reserve Board on May 14, 2004, announced the issuance of a consent order to cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist"). against Riggs National Corporation, Washington, D.C., a bank holding company, and Riggs International Banking Corporation, Miami, Florida, an Edge corporation. Riggs National Corporation and Riggs International Banking Corporation, without admitting to any allegations, consented to the issuance of the order in connection with deficiencies relating to the lack of oversight, internal controls, and procedures to ensure compliance with the Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. . In separate, coordinated actions, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network Noun 1. Financial Crimes Enforcement Network - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering FinCEN announced the issuance of a consent order and the assessment of a civil money penalty against Riggs Bank, N.A., a subsidiary of Riggs National Corporation and the parent of Riggs International Banking Corporation. The order and penalty relate to violations of the Bank Secrecy Act. The Federal Reserve Board on May 27, 2004, announced the issuance of a consent order to cease and desist and order of assessment of civil money penalty against Citigroup Inc., New York, New York, a bank holding company, and CitiFinancial Credit Company, Baltimore, Maryland, a nonbank subsidiary of Citigroup. The order assesses a civil money penalty against CitiFinancial and requires CitiFinancial to pay restitution to certain subprime personal and home mortgage borrowers. The civil money penalty is $70 million, subject to a partial credit for restitution. The order also requires Citigroup and CitiFinancial to take steps to take action; to move in a matter. See also: Step to maintain and enhance compliance with consumer protection laws consumer protection laws n. almost all states and the federal government have enacted laws and set up agencies to protect the consumer (the retail purchasers of goods and services) from inferior, adulterated, hazardous and deceptively advertised products, and . Citigroup and CitiFinancial, without admitting any allegations, consented to the issuance of the order in connection with CitiFinancial's lending activities and its conduct during an examination by the Federal Reserve Bank of New York. Written Agreements The Federal Reserve Board on April 30, 2004, announced the execution of a written agreement by and among Cache Valley Banking Company, Logan, Utah; the Cache Valley Bank, Logan, Utah; the Utah State Department of Financial Institutions, Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. ; and the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, . The Federal Reserve Board on May 14, 2004, announced the execution of a written agreement by and among Putnam-Greene Financial Corporation, Eatonton, Georgia; The Citizens Bank of Cochran, Cochran, Georgia; the Banking Commissioner of the State of Georgia, Atlanta, Georgia; and the Federal Reserve Bank of Atlanta The Federal Reserve Bank of Atlanta is responsible for the 6th District of the Federal Reserve, which covers Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. . The Federal Reserve Board on June 1, 2004, announced the execution of a written agreement by and between CIB Marine Bancshares, Inc., Pewaukee, Wisconsin, and the Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C. . The Federal Reserve Board on June 3, 2004, announced the execution of a written agreement by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions, Salt Lake City, Utah; and the Federal Reserve Bank of San Francisco. The Federal Reserve Board on July 2, 2004, announced the execution of a written agreement by and between Kenco Bancshares, Inc., Jayton, Texas, and the Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico. It has branch offices in El Paso, Houston, and San Antonio. . The written agreement addresses, among other things, a violation of a written condition imposed by the Federal Reserve in connection with an application involving Kenco Bancshares, Inc. The Federal Reserve Board on July 12, 2004, announced the execution of a written agreement by and among the First Midwest Bank
The Federal Reserve Board, the New York State Banking Department, and the Illinois Department of Financial and Professional Regulation on July 26, 2004, announced the execution of a written agreement by and among ABN AMRO Bank, N.V., Amsterdam, The Netherlands; ABN AMRO's branch in New York, New York; the Federal Reserve Bank of Chicago; the Federal Reserve Bank of New York; the New York State Banking Department; and the Illinois Department of Financial and Professional Regulation. The written agreement addresses Bank Secrecy Act and anti-money laundering compliance at ABN AMRO's New York branch, including policies and practices relating to the provision of correspondent banking services. Termination of Enforcement Actions The Federal Reserve Board on April 30, 2004, announced the termination of the enforcement actions listed below. The Federal Reserve's enforcement action web site, www.federalreserve.gov/boarddocs/ enforcement, reports the terminations as they occur. * Korea Exchange Bank Oehwan Bank or Korea Exchange Bank (KEB) (KSE: 004940) is South Korea's only exchange bank company. It is headquartered in Seoul, and was established in 1967. , Seoul, Korea, and its affiliated branches and agency offices Order of consent dated May 16, 2000 Terminated April 22, 2004 * First American Bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. , Elk Grove Village, Illinois Elk Grove Village is a municipality located in northeastern Illinois adjacent to O'Hare International Airport and the City of Chicago. Elk Grove Village encompasses 10.9 square miles in land area with 10.5 square miles located in Cook County and 0. Written agreement dated September 26, 2003 Terminated February 19, 2004 * First State Bank of West Manchester, West Manchester, Ohio Written agreement dated April 25, 2003 Terminated February 18, 2004 * Madison Bank, Blue Bell, Pennsylvania Written agreement dated June 20, 2002 Terminated February 9, 2004 * Midstate Bancorp, Inc., Hinton, Oklahoma Written agreement dated March 1, 2003 Terminated December 2, 2003 * Bank of Ephraim, Ephraim, Utah Written agreement dated October 26, 2001 Terminated November 11, 2003 * MSB Shares, Inc., and MidSouth Bank, Jonesboro, Arkansas Written agreement dated February 5, 2002 Terminated October 23, 2003 * Texas Coastal Bank, Pasadena, Texas Cease and desist order dated May 16, 1995 Terminated October 22, 2003 * O.A.K. Financial Corporation and Byron Center State Bank, Byron Center, Michigan Written agreement dated October 4, 2002 Terminated October 16, 2003 On June 1, 2004, the Federal Reserve Board announced the termination of the enforcement action listed below. * The Marathon Bank, Winchester, Virginia Written agreement dated May 20, 2003 Terminated April 30, 2004 |
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