The New York-based Office of the Comptroller and Auditor General (OCC) has ordered the Mumbai-based branch to implement comprehensive anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance programs, but the bank will not be fined. After the improvements are complete
ICICI Bank had BSA/AML program failures, but initiated corrective action to remedy its deficiencies, the OCC said on October 20. The order requires ICICI Bank to cease and desist from further violations. Failure to correct previously identified compliance issues with the OCC’s BSA/AML regulations as well as those regulations.
Among the problems previously identified by the OCC were a weak system of internal controls; This includes poor performance of BSA officers and inadequate training programs. As a result, ICICI Bank filed suspicious activity reports; bank AML controls; Violated OCC regulations regarding beneficial ownership requirements and recordkeeping requirements for legal entity clients.