Release Date: August 18, 2010
For immediate release
The Federal Reserve Board and the New York State Banking Department on Wednesday announced the issuance of a consent Order to Cease and Desist against Barclays Bank PLC, London and the bank's branch in New York. The Order requires Barclays Bank to improve its program for compliance with U.S. economic sanctions requirements on a global basis.
The United Kingdom's Financial Services Authority, the home country supervisor of Barclays Bank, has agreed to assist the Federal Reserve in the implementation and supervision of the Order.
In separate, coordinated actions, the U.S. Department of Justice and the District Attorney for New York County announced the execution of deferred prosecution agreements with Barclays Bank, and the Treasury Department's Office of Foreign Assets Control announced a settlement for violations of its regulations. The settlement agreements all relate to U.S. dollar payments routed through banks in the United States that involved entities or persons subject to U.S. economic sanctions. In the settlements with the Department of Justice and the District Attorney, Barclays Bank has agreed to pay $149 million, each, to the United States and to New York, for a total of $298 million. A copy of the Order is attached.
Department of Justice press release