The Federal Reserve announced an enforcement action against the Bank of Montreal and BMO Financial Corp. for "deficiencies" in compliance with anti-money laundering and Bank Secrecy Act rules and regulations.

Examiners at the Chicago Fed discovered the deficiencies at Bank of Montreal's branch in Chicago. The Fed said the bank "lacked effective systems of governance and internal controls to adequately oversee" compliance with anti-money laundering rules.

The enforcement action calls on the bank to review the effectiveness of its compliance program and "remedy deficiencies."

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