|Industry:||Banking & Finance|
|Underlying Misconduct:||Accounting Fraud, International Emergency Economic Powers Act, Money Laundering|
|Matter Type:||New York State Department of Financial Services|
|Relevant Jurisdiction(s):||New York State Department of Financial Services|
|Reporting Agencies:||NY Department of Financial Services|
|Resolution Form:||Consent Order|
|Agreement Date:||March 12, 2015|
|Monitor Reference Term:||Independent Monitor|
|Monitorship Term:||2 Years|
|Monitor Selection Process:||
Selected by the Reporting Agency in the exercise of its sole discretion.
|Time to Propose Monitors:||Not Specified|
|Time to Engage Monitor:||Not Specified|
|Time to First Report:||90 days|
|Monitor Required Qualifications:||
Not specified in Agreement.
|Summary of Monitor's Scope:||
Conduct, consistent with applicable law, a comprehensive review of the BSA/AML and OFAC compliance programs, policies, and procedures now in place at the Host Organization that pertain to or affect activities conducted by or through Host Organization’s New York Branch. The monitor will report directly to the Reporting Agency - as directed by the Reporting Agency (specific periods, such as "quarterly" were not noted in Agreement).
|Summary of Monitor's Activities:||
Review and report on: Elements of the Host Organization’s corporate governance that contributed to or facilitated the improper conduct discussed in the Agreement and that permitted it to go on, relevant changes or reforms to its corporate governance that the Host Organization has made since the time of the conduct discussed in this Consent Order, and whether those changes or reforms are likely to significantly enhance the Host Organization’s BSA/AML and OFAC compliance going forward; Thoroughness and comprehensiveness of the current global BSA/AML and OFAC compliance program compliance going forward; The organizational structure, management oversight, and reporting lines that are relevant to BSA/AML and OFAC compliance, and an assessment of the staffing of the BSA/AML and OFAC compliance teams, including the duties, responsibilities, authority, and competence of officers or employees responsible for compliance with laws and regulations pertaining to BSA/AML or OFAC compliance; The propriety, reasonableness, and adequacy of any proposed, planned, or recently-instituted changes to the BSA/AML and OFAC compliance programs and; Any corrective measures necessary to address identified weaknesses or deficiencies in the corporate governance or global BSA/AML and OFAC compliance program.
None specified in Agreement.
|Other Relevant Information:||Commerzbank-DOJ-DPA-and-Information-May-2015.pdf|