According to the Federal Deposit Insurance Corporation records and based on the institution's charter type, Bank Hapoalim is classified as a insured U.S. branch of a foreign chartered institution (IBA). BHI is a registered service mark of Bank Hapoalim B.M. Key financial highlights: Net profit totaled NIS 192 million in the first quarter of 2020, compared with … for conspiring with U.S. taxpayers and others to hide more than $7.6 billion in more than 5,500 secret Swiss and Israeli bank accounts and the income generated in these accounts from the Internal Revenue Service (the IRS). Member FDIC. Bank Hapoalim is the 153rd largest bank in New York. Bank Hapoalim was founded in January 1921 and is based in New York City, New York. Get reviews, hours, directions, coupons and more for Bank Hapoalim USA at 555 S Flower St Ste 4210, Los Angeles, CA 90071. Bank Hapoalim is a FDIC-insured bank with certificate number of 33686. Attorneys Sagar K. Ravi and Timothy V. Capozzi of the United States Attorney’s Office for the Southern District of New York, who prosecuted this case. and its Consolidated Subsidiaries This is a translation of the Hebrew report and has been prepared for convenience only. This agreement marks the third time an Israeli bank has admitted to similar criminal conduct.
Second, BHS has agreed to forfeit $124,628,449 in gross fees to the United States. DFS thanks our federal partners at the U.S. Department of Justice, U.S. Department of the Treasury, and the Federal Reserve Board for their assistance and coordination during this investigation.”According to documents filed today in Manhattan federal court:An official website of the United States governmentAs part of today’s resolutions, along with resolutions entered into with state and federal partners, Bank Hapoalim B.M. Today’s resolution is the second-largest recovery by the Department of Justice in connection with its investigations since 2008 into facilitation of offshore U.S. tax evasion by foreign banks.“There is no excuse for a foreign financial institution to unlawfully assist wealthy Americans in flouting their responsibilities to pay their taxes,” said IRS Criminal Investigation Chief Don Fort. BHBM also had branches in New York, Miami, the Cayman Islands, the United Kingdom, and Jersey.The Board of Governors of the Federal Reserve System is also announcing today that it has reached a resolution with BHBM, by which BHBM has agreed to a consent order, certain remedial steps to ensure its compliance with U.S. law in its ongoing operations, and a civil monetary penalty of $37.35 million. Finally, BHBM has agreed to pay a penalty of $100,811,585.Both the penalty and fine amounts take into consideration that the Bank, after initially providing deficient cooperation through an inadequate internal investigation and the provision of incomplete and inaccurate information and data to the Government, thereafter conducted a thorough internal investigation, provided client-identifying information, and cooperated in ongoing investigations and prosecutions. Deposit accounts offered by the New York Branch are fully insured by the FDIC to the maximum extent permitted by law. In case of any discrepancy, the Hebrew version will prevail. Report of the Board of Directors and Board of Management 5 1. DFS will not tolerate such behavior from banks that operate in the State of New York. As part of today’s resolutions, along with resolutions entered into with state and federal partners, Bank Hapoalim B.M.
BHBM further agreed to refrain from all future criminal conduct, implement remedial measures, and cooperate fully with further investigations into hidden bank accounts. Assuming BHBM’s continued compliance with its agreement, the Government has agreed to defer prosecution of BHBM for a period of three years, after which time the Government will seek to dismiss the charge against BHBM.Under today’s resolutions, the Bank is required to cooperate fully with ongoing investigations and affirmatively disclose any information it may later uncover regarding U.S.-related accounts. Finally, BHS has agreed to pay a fine of $138,998,399. Outside Israel, BHBM owned BHS, a Swiss subsidiary that provided private banking.
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