US regulators fine Credit Agricole USD 13m

NEW YORK, March 10 (AFP) – US banking regulators Wednesday ordered France’s Credit Agricole to pay a total of USD 13 million in fines for book-keeping and other deficiences at its New York affiliates.

The Federal Reserve Board and New York State Banking Department said the fines were for “deficiencies in the operational controls, risk management, and compliance with laws and regulations” by the New York branch of Credit Agricole Indosuez.

The French banking giant “failed to fully comply with a written agreement” in 2000 with state and federal officials, a joint statement from the state and federal regulators said.

Additionally, the bank “failed to maintain accurate and complete books and records for the operations of the New York branch of Credit Agricole Indosuez; and violated New York State law relating to the banks’ obligation to maintain accurate books and records and to submit reports to the New York State Banking Department,” the statement said.

The fines also deal with Credit Agricole’s acquisition of more than 10 percent of another French bank, Credit Lyonnais, without getting approval from US authorities.

© AFP

                                                              Subject: France news