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01.18.17

Italian Bank Faces Large Fine from N.Y. Regulator for BSA/AML Failures

anti-money-laundering_AML_2The New York Department of Financial Services (NYDFS) has fined Italian bank Intessa Sanpaolo SPSA (Intessa) $235 million over significant compliance failures with federal and state anti-money laundering laws, according to the regulator. Specifically, the NYDFS found major faults with Intessa’s transaction monitoring system that has caused the bank to miss thousands of suspicious transactions and clear billions of dollars on behalf of Iranian clients.

Examples of Intessa’s compliance failures cited by the NYDFS include Intessa using methods to clear transactions outside of its written procedures and training employees to clear Iranian transactions in ways meant to avoid immediate detection.

The multimillion-dollar penalty is the third one levied by the NYDFS since this past August.

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