On January 19, 2024, the New York State Department of Financial Services issued a Consent Order (the “DFS Order”), and the Board of Governors of the Federal Reserve System issued a Cease & Desist Order (the “Fed Order”) relating to ICBC New York Branch.

The orders pertain to certain historical weaknesses at ICBC New York Branch. They do not reflect the current state of the Branch’s compliance programs and internal controls, and do not affect the operations of the New York Branch or other ICBC institutions in the United States.    

As acknowledged by the orders, ICBC New York Branch has made significant efforts towards successfully remediating past weaknesses. Compliance and risk management have been, and continue to be, a top priority for ICBC New York Branch. As the Fed Order acknowledges, ICBC New York Branch has taken steps to implement formal policies and procedures and training to address the matter. As the DFS Order recognizes, over the past few years ICBC New York Branch has fully addressed the historical weaknesses identified by its U.S. regulators.

ICBC New York Branch is fully committed to meeting all of the requirements of the orders and to satisfying regulatory expectations. The actions that have been and will be taken in response to the orders will serve to demonstrate that commitment and further enhance ICBC’s U.S. operations to the benefit of ICBC and its clients.