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Violation Tracker Individual Record

Company: Industrial and Commercial Bank of China Financial Services LLC
Current Parent Company: Industrial and Commercial Bank of China
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $5,300,000
Year: 2018
Date: May 16, 2018
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Violation Description: The Financial Industry Regulatory Authority fined Industrial and Commercial Bank of China Financial Services LLC $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, recordkeeping, and operational violations.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: China
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.