Smbc Written Agreement 2019

As part of a written agreement, the Fed asked Sumitomo to present a plan to ensure its executives are aware of compliance issues and that the bank proactively identifies and tracks anti-money laundering risks. The bank and branch must also submit a written program within 60 days to ensure accurate and timely notification of suspicious transactions in accordance with current legislation, as well as written plans to improve compliance with Office of Foreign Asset Control rules. The agreement with Sumitomo Mitsui is the latest in a series of BSA/AML measures against foreign banks. In February, the Office of the Comptroller of the Currency (OCC) announced that it had issued an forbearance order against three branches of MUFG Bank Ltd., Tokyo, Japan, for breaches of BSA and related rules. In addition, the bank and branch shall designate, within ten days, an officer responsible for the coordination and submission of all written plans and programs required in accordance with the terms of the Agreement and shall submit quarterly written progress reports indicating all measures taken to ensure compliance with the provisions of this Agreement. Sumitomo Mitsui Banking Corporation of Tokyo, Japan, which operates a branch in New York, has signed an agreement with the Fed to address shortcomings in its anti-money laundering (AML) program and compliance with the Bank Secrecy Act (BSA). As usual in the case of such agreements, the Bank has 60 days to submit a written plan to improve the supervision of the bank and its subsidiary on compliance with BSA/AML requirements and the rules of the Office of Foreign Assets Control (OFAC) by the management of the bank and its subsidiary (in this case, Reserve Bank of New York). On April 23, 2019, the Federal Reserve Bank of New York (FRB-NY) entered into an approval agreement with Sumitomo Mitsui Banking Corporation (the bank) and the bank`s New York branch (the branch) due to serious deficiencies in the subsidiary`s Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. Sumitomo is a foreign bank based in Tokyo and operates a branch in New York regulated by FRB-NY. FRB-NY`s latest branch investigation highlighted numerous deficiencies in all areas of its BSA/AML compliance program.

Sumitomo Mitsui Banking Corporation, Tokyo, Japan Anti-Money Laundering Compliance Written Agreement of April 23, 2019 Pursuant to the written agreement between the Company and the Federal Reserve Bank of New York, the Bank`s Board of Directors must submit written plans within 60 days to improve oversight of the AML procedures of the New York branch. According to the agreement, the institution must make several improvements to its program in order to achieve BSA/AML compliance and avoid further penalties and/or fines. Within 60 days, the bank and branch: The Fed on Thursday ordered sumitomo Mitsui Banking Corp., one of Japan`s largest banks, to establish stricter controls at its New York subsidiary, citing oversight failures it found in a recent investigation. . . .

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