Israel Discount Bank of NY Fined $12M

Law360 (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...
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