The San Francisco branch of the Federal Reserve Bank, and East West Bank, of Paradena, California, have entered into a Written Agreement regarding certain AML compliance deficiencies. The bank maintains a subsidiary in Shanghai, and representative offices, and a branch, in Hong Kong.
Readers who wish to review the complete text can access it here*.
The document provides no details regarding the AML defects that the Fed seeks to correct. There was no monetary penalty levied, nor were any officers or staff asked to leave the bank, which is usually a favorable indication. The bank has stated, through a spokesman, that it is working to remedy all the outstanding AML issues.
*Written Agreement between Federal Reserve Bank & East West Bank