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. 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. 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. 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. In accordance with the written agreement between the Company and the Federal Reserve Bank of New York, the Bank`s Board of Directors must submit, within 60 days, written plans to improve oversight of the AML procedures of the New York branch. SMBC and the New York subsidiary have already begun their de-botching efforts and are actively working with external consultants to review the BSA/AML compliance program and rapidly develop and implement recommended enhancements in a manner that meets and exceeds our obligations under the written agreement. LexisNexis® is now the exclusive online distributor of the extensive collection of current and archived versions of ALM`s legal information publications. LexisNexis® customers can access and use ALM content by subscribing to LexisNexis services® through Lexis Advance®. These include content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel® as well as other ALM newspapers, directories, legal treaties, published and unpublished court reports, and other sources of legal information.
. . .