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Customer satisfaction with BMO Harris fell after it bought Marshall & Ilsley thanks to a customer-service glitch and other issues, showing how hard it is to integrate acquisitions.
May 2 -
The U.S. banking arm of Bank of Montreal said the cuts will take place at a data center in Sun Prairie and a mortgage underwriting office in Cedarburg.
September 14
The Federal Reserve has ordered Bank of Montreal's U.S. unit to strengthen compliance with laws designed to deter money laundering.
Directors of BMO Harris Bank have 90 days to strengthen oversight of its compliance with the Bank Secrecy Act, under an order released Thursday by the Fed.
The plan must include enhanced standards, a comprehensive risk assessment and sufficient resources for the anti-money-laundering compliance officer, according to the order.
The order gives BMO Harris, in Chicago, 90 days to detail plans to improve recordkeeping, customer verification and oversight of correspondent accounts of foreign financial institutions.
The bank also has 90 days to enhance its program for flagging and reporting suspicious transactions.
The Fed's order, which was issued in April, parallels an action against BMO Harris by the Office of the Comptroller of the Currency, which also has directed the company to shore up compliance with anti-money-laundering rules.
