U.S. Regulator Finds Gaps In ICICI Bank’s New York Branch Anti-Money Laundering Systems


ICICI Bank Ltd.’s New York branch is under the scanner for its failure to comply with anti-money laundering rules and the Bank Secrecy Act in the U.S.

The Office of the Comptroller of the Currency issued a consent order against an ICICI Bank branch in New York on Oct. 3, according to an exchange filing made by the bank late Thursday.

The order requires the branch to set up and ensure compliance with various aspects of money laundering regulations, including adequate internal controls, proper training of staff and timely filing of suspicious activity reports.

The branch contributed 0.61% of ICICI Bank’s total assets as on June 30, according to the bank’s exchange filing.

Deficiencies identified by the OCC include:

  • The branch having a weak system of internal controls.

  • Weak BSA officer function.

  • Insufficient training programme.

The New York branch’s general manager will be required to submit a written action plan to the OCC within 60 days of the issuance of the order, according to the filing.

The order will also require the branch to conduct a “look-back” review of previous instances which could require fresh suspicious activity reports be filed for previously unreported activity. The review will cover all instances since January 2021 and the branch’s general manager will be required to submit a written report to the OCC within 15 days of completion.

“This order is a settlement of the cease and desist proceedings against the branch,” the OCC said in its consent order. Until the branch adopts, implements and adheres to all the enumerated corrective actions in the order, it will not be deemed compliant, the order said.

“The NY Branch is committed to taking all necessary and appropriate steps to address the aspects identified and implement the corrective actions required by the OCC,” ICICI Bank said.


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