Violation Tracker Individual Record

Company: 
BANCO ESPIRITO SANTO S. A.
Current Parent Company: 
Banco Espirito Santo
Penalty: 
$975,000
Year: 
2012
Date: 
April 2, 2012
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Violation Description: 

The Federal Reserve Board issued a consent cease and desist order and assessed a $975,000 civil money penalty against Banco Esporito Santo S.A. and its U.S. affiliate resolving allegations that the bank, without required notice or approval under the International Banking Act, operated representative offices in the United States.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Reserve
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Portugal
Ownership Structure of Parent: 
out of business
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.