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Enforcement actions. (Announcements).

Federal and state banking regulators announced on November 14, 2001, the issuance of a joint order to cease and desist and order of assessment of a civil money penalty and monetary payment against the State Bank of India, Mumbai, India, and the bank's three branches in New York, New York, its branch in Chicago, Illinois, and its agency in Los Angeles, California.

The State Bank of India, without admitting to any allegations, consented to the issuance of the order.

The State Bank of India paid a total of $7.5 million in fines under the order issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the New York State Banking Department. One-half of this amount will be paid to the U.S. Department of the Treasury and the other half to the State of New York under applicable federal and state laws.

The fines result from the bank's apparent engagement in unsafe and unsound practices related to its failure to establish and maintain procedures reasonably designed to ensure and monitor compliance with the Bank Secrecy Act, violations of the FDIC's regulations relating to Bank Secrecy Act compliance, failure to maintain correct and accurate books and records, and violations of New York State law relating to the bank's obligation to maintain accurate books and records and to make reports to the New York State Banking Department.

The Federal Reserve Board announced on November 16, 2001, the execution of a written agreement by and among Cerritos Valley Bancorp, Artesia, California; the Cerritos Valley Bank, Artesia, California; and the Federal Reserve Bank of San Francisco.

The Federal Reserve Board announced on November 28, 2001, the issuance of a cease and desist order against the Gulf Bank, Miami, Florida.

The Federal Reserve Board announced on December 3, 2001, the execution of a written agreement by and among the Bank of Little Rock, Little Rock, Arkansas, the Federal Reserve Bank of St. Louis, and the Arkansas State Bank Department.
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Title Annotation:State Bank of India, cease and desist order
Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:9INDI
Date:Jan 1, 2002
Words:332
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