Four enforcement orders covering activities from Bank Secrecy Act deficiencies to violations in the foreign exchange markets were terminated by the Federal Reserve Board this month, the Fed announced Thursday.
The terminated actions included:
- a May 2015 written agreement with Discover Financial Services of Riverwoods, Ill., to require, among other things, improvements in the company’s firmwide risk management program related to Bank Secrecy Act/anti-money laundering (BSA/AML) requirements (terminated Feb. 5);
- a November 2016 cease-and-desist order against JPMorgan Chase & Co. of New York, N.Y., over referral hiring activities that violated federal anti-bribery laws, and for which the company was assessed a $61.9 million civil money penalty (the order was terminated Feb. 11);
- an April 2017 cease-and-desist order against Deutsche Bank AG, Frankfurt am Main, Germany, over Volcker rule violations, and for which the company was assessed a $19.71 million civil money penalty (the order was terminated Feb. 11); and
- a May 2015 cease-and-desist order against The Royal Bank of Scotland PLC, Edinburgh, Scotland and RBS Securities Inc. (now known as NatWest Markets Securities Inc.), Stamford, Conn., over violations in the foreign exchange markets, for which RBS was assessed a $274 million civil money penalty (the order was terminated Feb. 12).
Federal Reserve Board announces termination of enforcement actions with Discover Financial Services, JPMorgan Chase & Co., Deutsche Bank AG, and The Royal Bank of Scotland PLC and RBS Securities, Inc.