May 20, 2009

Written agreement with Philippine National Bank and Philippine National Bank New York Branch

  • Board of Governors of the Federal Reserve System
  • New York State Banking Department

For immediate release

The Federal Reserve Board and the New York State Banking Department on Wednesday announced the execution of a Written Agreement by and among Philippine National Bank, Pasay City, Philippines; the bank’s branch in New York, New York; the Federal Reserve Bank of San Francisco; the Federal Reserve Bank of New York; and the New York State Banking Department.

The Written Agreement addresses weaknesses in operational risk controls and Bank Secrecy Act and anti-money-laundering compliance policies and practices at Philippine National Bank’s New York branch.

A copy of the Written Agreement is attached.

Last Update: May 20, 2009