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Source: US State of New York Federal Reserve

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April 30, 2020
Federal Reserve Board announces it has fined Bank Hapoalim B.M. $37.35 million for the firm’s unsafe and unsound practices resulting in violations of U.S. tax laws
For release at 4:00 p.m. EDT

The Federal Reserve Board on Thursday announced it has fined Bank Hapoalim B.M, a foreign bank headquartered in Israel and operating in the United States, $37.35 million for the firm’s unsafe and unsound practices resulting in violations of U.S. tax laws.
The Board is requiring the firm to address deficiencies in its oversight, management, and controls governing compliance with U.S. laws. 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 U.S. Department of Justice and the New York State Department of Financial Services. The penalties collected by all of the agencies will total $874 million.
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Last Update: April 30, 2020

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