In addition to the penalty, the settlement also calls upon
The agreement also will put in place a set of temporary remediation measures.
Within 30 days it is required to include identifying information for originators and beneficiaries of some affiliate and third-party payment messages cleared through the branch.
Also within 30 days, it is requires to provide enhanced monitoring of certain small- and medium-sized enterprise clients in the
If the exit is not achieved within the timeline set out in the consent order, further restrictions will be required,
After 45 days it is required to put a restriction on US dollar clearing services for certain
These measures will remain in place until the transaction surveillance system's detection scenarios are operating to a standard approved by the monitor,
The company said that as it prepares for the implementing of these remediation measures, it will individually notify and work closely with the small proportion of clients in
It said that a vast majority of its clients and businesses are unaffected by this settlement, as are its US licenses.
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