ICICI Bank Limited has announced a significant update regarding its New York Branch’s regulatory status. In a filing to the stock exchanges, the bank confirmed that the Office of the Comptroller of the Currency (OCC), its federal banking supervisor, has officially lifted the Consent Order imposed on the branch.
Background of the Consent Order
The Consent Order was issued on October 3, 2022, and required ICICI Bank’s New York Branch to enhance its Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) program and establish an effective Sanctions Compliance Program. This directive was aimed at strengthening the branch’s internal controls and compliance measures in accordance with U.S. banking regulations.
Termination of the Order
According to the filing, ICICI Bank has successfully implemented corrective measures to address the concerns outlined in the Consent Order. Following a thorough validation process, the OCC determined that the branch now complies with regulatory requirements, eliminating the need for further supervision under the order.
The OCC officially terminated the Consent Order on March 8, 2025, and the decision was communicated to the bank on March 11, 2025, at 2:18 PM EST.
Commitment to Compliance
ICICI Bank reaffirmed its commitment to maintaining the corrective measures implemented during the regulatory review. The bank assured that its New York Branch remains dedicated to upholding compliance standards and ensuring adherence to global banking regulations.
This regulatory development is expected to bolster investor confidence and strengthen ICICI Bank’s international operations, particularly in the United States.
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