On December 15, the New York State Department of Financial Services (DFS) announced that Intesa Sanpaolo S.p.A. and its New York branch bank will pay a $235 million fine and extend the term of engagement with its current independent consultant as part of a consent order entered into with the DFS for significant violations of New York anti-money laundering and Bank Secrecy Act (AML/BSA) laws. The violations include severe compliance failures over several years stemming from deficiencies in the implementation and oversight of its transaction monitoring system. In addition, an investigation by DFS found that the bank deliberately concealed information from bank examiners.