Bank Exim gets penalty

Bank Exim gets penalty

WASHINGTON (Dow Jones): The Federal Reserve said Wednesday it had issued $100,000 in monetary penalties against an Indonesian bank and its New York agency.

The Fed said it issued the penalty against Bank Ekspor Impor Indonesia (Bank Exim) of Jakarta in connection with allegations the bank had failed to comply with a 1994 written agreement with the Federal Reserve Bank of New York and the New York Superintendent of Banks. It did not specify the nature of the agreement or the alleged violations.

The Fed said the bank paid a $50,000 to the Federal Reserve Board and $50,000 to New York state without admitting the allegations.