Banco Industrial de Venezuela Fined by U.S. Regulators
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The Board of Governors of the Federal Reserve System and two U.S. state regulators said they have issued a cease and desist order and $1.8 million in fines against Caracas-based Banco Industrial de Venezuela CA and its agencies in New York and Miami.
The order “is designed to address deficiencies revealed in repeated examinations of the agencies by the Federal Reserve” and two state supervisors, the Florida Office of Financial Regulation and the New York State Banking Department, according to a statement today. “The order also addresses issues relating to BIV’s financial condition and the lack of audited financial statements.”