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Violation Tracker Individual Record

Company: Bank Hapoalim B.M.
Current Parent Company: Bank Hapoalim
Penalty: $220,000,000
Year: 2020
Date: April 30, 2020
Offense Group: financial offenses
Primary Offense: tax violations
Mega-Scandal: Assisting Tax Evasion
Violation Description:  Bank Hapoalim B.M. and its New York branch agreed to pay a $220 million penalty to the New York State Department of Financial Services for having knowingly facilitated U.S. clients' evasion of state and federal taxes through its conduct of an illegal cross-border banking business. At the same time, the bank agreed to pay over $600 million the the Justice Department and the Federal Reserve (see separate entries).
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: Israel
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.