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Violation Tracker Individual Record

Company: U.S. Trust Corporation
Current Parent Company: Bank of America
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $5,000,000
Year: 2001
Date: July 13, 2001
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: U.S. Trust Corporation and its subsidiary the United States Trust Company of New York, without admitting to any allegations, consented to the issuance of the Order in connection with alleged violations and deficiencies relating to the lack of internal controls and procedures and inadequate compliance with the Bank Secrecy Act, and relating to the failure to maintain accurate and complete books and records in connection with the operations and activities of the Strategic Trading Group of the bank.
Level of Government: federal
Action Type: agency action
Agency: Federal Reserve
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
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.