-
The Federal Reserve Board released an enforcement action against Citigroup calling for improvements of its AML risk management program. The action stems from orders last year against two of Citigroup's subsidiaries.
March 26 -
Bankers are bracing for the start of more severe anti-money laundering exams as regulators rework their standards and prepare to issue another round of guidance tackling the issue.
March 8
Regulators have ordered Germany's Nordbank to improve anti-money-laundering safeguards at its New York branch.
The $173.7 billion-asset institution has 30 days to retain a consultant who has no ties to management to review the branch's compliance with U.S. laws designed to prevent accounts being used to hide illegally obtained funds, according to a March 25 agreement among the bank, the Fed and New York's Department of Financial Services that the Fed released Thursday.
The agreement comes as regulators redouble their efforts to crack down on illegal money flows. The Fed last week directed
"We will continue to be vigilant in our efforts to strengthen safeguards against money laundering across the financial system," Benjamin Lawsky, New York's superintendent of financial services, said in an emailed statement.
Nordbank has two months to detail in writing a program to ensure the branch's compliance with the Bank Secrecy Act, to document oversight by management of Nordbank's effort to prevent the bank from being used by money launderers, and to map out plans to collect information from customers that would enable the bank to identify any who would launder funds through the institution.
The bank also has 60 days to enumerate plans to ensure flagging and reporting of suspicious transaction, to retain a second consultant to audit and test the bank's compliance efforts, and to remit to supervisors a plan to improve the branch's compliance with regulations governing the handling of foreign assets.
