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7/26/24, 1:32 PM FRB: Press Release -- Combined Consent Order and Order of Assessment of a Civil Money Penalty against Skandinaviska Enskild… Release Date: September 17, 1997 For immediate release The Federal Reserve Board today announced the joint issuance with the New York State Banking Department of a Consent Order against Skandinaviska Enskilda Banken, Stockholm, Sweden, a foreign bank, and Skandinaviska Enskilda Banken's New York branch and New York State-chartered Article XII corporation. The Board also issued an Order of Assessment of a Civil Money Penalty of $2.5 million against the bank and its New York branch and Article XII corporation. Skandinaviska Enskilda Banken, without admitting to any allegations, consented to the issuance of the Order of Assessment of a Civil Money Penalty for allegedly engaging in unsafe and unsound practices and violations of law and regulations related to the execution of allegedly false off-market intercompany transactions and the maintenance of an out-of-balance condition among intercompany accounts, and for the New York branch's and Article XII corporation's filing of allegedly inaccurate regulatory reports from at least 1993 through 1994 as a result of the off-market transactions and at least 1993 through mid-1996 as a result of the out-of-balance condition. Skandinaviska Enskilda Banken also consented to the payment of $2.5 million to the State of New York in a separate order issued by the New York State Banking Department. Copies of the Board's Consent Order and Order of Assessment of a Civil Money Penalty are attached. Order (X KB PDF) 1997 Enforcement actions Home | News and events Accessibility Last update: October 30, 1997, 12:00 PM https://www.federalreserve.gov/boarddocs/press/enforcement/1997/19970917/ 1/1