Bank Leumi to pay $1.6 million over 'unregistered' cross-border business

October 18, 2016 3:05 PM EDT

Pedestrians are reflected in the windows of a branch of Bank Leumi, Israel's second-largest lender, in Tel Aviv, Israel May 30, 2013. REUTERS/Nir Elias/File Photo

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By Sarah N. Lynch

WASHINGTON (Reuters) - Bank Leumi will pay $1.6 million and admit to wrongdoing to settle civil charges that it provided investment advice and solicited investments from U.S. customers for more than a decade without registering with federal regulators, U.S. authorities said on Tuesday.

The Securities and Exchange Commission said the Israeli bank maintained "several hundred securities accounts" and managed more than $500 million in securities for U.S. customers, even though it failed to register as required by U.S. law.

(Reporting by Sarah N. Lynch)

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