Israel Discount Bank of NY Fined $12M

Law360, New York (October 31, 2006, 12:00 AM EST) -- Israel Discount Bank of New York has been fined $12 million by state and federal regulators for failing to comply with anti-money laundering laws, including the USA PATRIOT Act.

Israel Discount Bank of New York will pay $6 million to the U.S. Department of the Treasury on behalf of the Federal Deposit Insurance Corporation and Financial Crimes Enforcement Network, and $6 million to the New York State Banking Department.

Israel Discount Bank of New York agreed to pay the fines without admitting or denying the underlying...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.