Fed Fines ICBC Over Lapses in Bank Secrecy, Sharing of Data (1)

The Federal Reserve fined Industrial & Commercial Bank of China Ltd. $2.43 million for improper use of financial-supervision information.

The New York Department of Financial Services, which also oversees the bank’s branch in the state, hit the firm with an additional $30 million penalty.

“Confidential supervisory information includes reports of bank examinations and other confidential communications by banking regulators,” the Fed said in a statement Friday. “It is illegal to disclose confidential supervisory information without prior approval of the appropriate banking regulator.”

The Fed said it found that ICBC, the world’s largest lender by assets, lacked any formal policies, procedures, ...