First Midwest Bancorp Inc. of Itasca, Ill., said Wednesday that regulators had freed its bank from orders to improve compliance with anti-money-laundering laws.
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The $7 billion-asset company had announced the written agreement in July. First Midwest Bank had to assess the risk of its customer base to determine which accounts needed more monitoring. It also had to review its transactions from the beginning of 2003 through July 2004 to ensure that all suspicious activities had been reported.
A letter dated Sept. 30 from the Federal Reserve Bank of Chicago and the Illinois Department of Financial and Professional Regulation formally terminated the agreement.
