Reuters: Regulatory News: Portuguese bank settles with U.S. regulators

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Portuguese bank settles with U.S. regulators Apr 2nd 2012, 20:19 WASHINGTON, April 2 | Mon Apr 2, 2012 4:19pm EDT WASHINGTON, April 2 (Reuters) - Banco Espirito Santo SA will pay nearly $1 million to settle allegations the bank failed to properly register with U.S. banking regulators for business activities it carried out in the United States. The agreement, with the Federal Reserve, said the Portuguese bank used its U.S. subsidiary, Espírito Santo e Comercial de Lisboa Inc, to conduct money transfers, distribute credit cards and meet with private banking clients without getting the proper approval from the Fed, which oversees foreign banks operating in the United States. The bank agreed pay a fine of $975,000 and to take steps to clean up the problems identified by regulators, the Fed said in a release on Monday. The bank recently settled with other U.S. regulators over similar allegations. In October, the bank agreed to pay nearly $7 million to settle U.S. Securities and Exchange Commission allegations that it violated U.S. laws by failing to register as a broker-dealer or an investment adviser. The SEC said the bank offered brokerage services between 2004 and 2009 to about 3,800 U.S. resident customers and clients, many of them Portuguese immigrants. Also in October the bank agreed to pay the New York State Attorney General's office a $975,000 penalty for failing to register under the state's Martin Act. Link this Share this Digg this Email Reprints

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