Discover Financial Services has entered into a written agreement with the Federal Reserve to improve its anti-money laundering procedures.
The Federal Reserve Bank of Chicago's written agreement requires the Riverwoods, Ill., company to add more personnel, systems and other resources for Bank Secrecy Act and anti-money laundering compliance.
Discover had previously said that the Fed would pursue an enforcement action against it for deficiencies in anti-money laundering. Discover remains subject to a June 2014 consent order with the Federal Deposit Insurance Corp., also related to anti-money laundering compliance.
A Discover spokesperson declined to comment.