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.