Banking Department and Federal Reserve Board Announce Written Agreement with Sumitomo Mitsui Banking Corporation
January 24, 2007
The Federal Reserve Board and the New York State Banking Department today announced the execution of a Written Agreement by and among Sumitomo Mitsui Banking Corporation, Tokyo, Japan; the bank’s branch in New York, New York; the Federal Reserve Bank of New York; and the New York State Banking Department.
The Written Agreement addresses Bank Secrecy Act and anti-money laundering compliance policies and practices at the Sumitomo Mitsui Banking Corporation’s New York branch.
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually 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 $1.5 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.