ICICI Bank’s New York branch has successfully addressed regulatory concerns raised by the Office of the Comptroller of the Currency (OCC), leading to the termination of a Consent Order issued in 2022.
Background of the Consent Order
On October 3, 2022, the OCC, which supervises federal banks in the United States, issued a Consent Order against ICICI Bank’s New York branch. The order required the branch to strengthen its Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) program and implement a robust Sanctions Compliance Program to ensure adherence to regulatory guidelines.
Corrective Measures Taken
Following the order, ICICI Bank’s New York branch implemented necessary improvements to its compliance systems. The bank addressed all the issues raised by the OCC and ensured that its operations met regulatory expectations.
After reviewing these corrective measures, the OCC determined that the branch had significantly improved its compliance framework. As a result, the regulatory body concluded that the Consent Order was no longer required to ensure the safety and soundness of the branch.
Consent Order Termination
On March 8, 2025, the OCC officially terminated the Consent Order, and the decision was formally communicated to ICICI Bank on March 11, 2025, at 2:18 PM EST.
With this development, ICICI Bank’s New York branch can now operate without the restrictions imposed by the Consent Order. The bank remains committed to maintaining high compliance standards and adhering to international banking regulations.
