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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. www.wsj.com/articles/fed-orders-sumitomo-to-bolster-anti-money-laundering-controls-in-u-s-branch-11556214113 On April 23, 27, 2019, the Federal Reserve Bank of New York (FRB-NY) entered into an agreement 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 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. Senior reporter at ALM since 2004; established in Florida; Includes General Counsel and Economic Crime; Contact: [email protected] The written agreement requires SMBC and the New York subsidiary to take a number of steps to strengthen policies, procedures and processes to meet the requirements of the Bank Secrecy Act and the Anti-Money Laundering Regulations (“BSA/AML”). As a global financial firm, SMBC is committed to complying with legal requirements in the jurisdictions in which we operate. SMBC treats the actions of the American supervisors with the utmost seriousness. Therefore, SMBC cooperates fully with the United States. The hierarchical superiors and will have an ongoing dialogue with them on our actions aimed at complying with the requirements of the written agreement. The Federal Reserve Board and the Department of the State Bank of New York announced wednesday the execution of a written agreement between Sumitomo Mitsui Banking Corporation, Tokyo, Japan; the bank`s New York branch; the Federal Reserve Bank of New York; and the Department of the State Bank of New York….