New York State Banking Department Issues Consent Order to Cease and Desist
to First American International Bank
August 3, 2007
New York, NY: The New York State Banking Department entered into a Consent Order to Cease and Desist with First American International Bank, effective August 3, 2007, for unsafe and unsound banking practices, and violations of the Bank Secrecy Act (BSA).
First American International Bank, Brooklyn, NY, without admitting or denying the allegations, consented to the issuance of the Order. Certain of the facts supporting the allegations came to light during an initial investigation conducted with the New York County District Attorney’s Office.
The Federal Deposit Insurance Corporation (FDIC) issued a parallel enforcement action.
Under the Order, First American International Bank is required to take immediate action to correct violations of Federal laws and regulations and take all necessary steps to prevent unsafe or unsound banking practices through the establishment and adoption of policies, procedures, and processes that address internal controls, independent testing, compliance staffing and training.
TheNew York State Banking Department is the regulator for all state-chartered banking institutions, nearly all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $1.8 trillion.
In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.