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BULLETIN: Banco De Chile S.A. Ratings Unaffected By U.S. Regulators' Fines Oct 05
Standard & Poors, Oct 2005
Abstract
BUENOS AIRES (Standard & Poor's) Oct. 14, 2005-Standard & Poor's Ratings Services said today that the fine imposed by U.S. regulators on Banco de Chile S.A.'s (A-/Positive/A-2) U.S. branches will have no significant effect on its ratings on the bank. After a year of investigations of Banco de Chile's U.S. branches' infringements to the Bank Secrecy Act-basically related to prevention of money laundering and obligation to report suspicious operations policies-the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network have imposed a $3 million fine on the bank's Miami and New York branches. The amount of the fine represents a low 1% of Banco de Chile's 2004 results, implying no significant impact on its financials. The...
Companies mentioned in this report are: Banco de Chile
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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