By Emmanuel Oluebube
The Federal Reserve Board on Thursday, April 30, announced it has fined Bank Hapoalim B.M, a foreign bank headquartered in Israel and operating in the United States, US$37.35 million for the firm’s unsafe and unsound practices resulting in violations of US tax laws.
The Board is requiring the firm to address deficiencies in its oversight, management, and controls governing compliance with USlaws. Additionally, the Board is requiring the firm to implement controls governing the retention and management of bank records.
The Board’s action is being taken in conjunction with actions by the US Department of Justice and the New York State Department of Financial Services. The penalties collected by all of the agencies will total US$874 million.
