BMO Ordered To Beef Up Anti-Money Laundering Efforts

Law360, New York (May 17, 2013, 2:35 PM EDT) -- The Federal Reserve and the Office of the Comptroller of the Currency on Friday revealed that they ordered Bank of Montreal to improve methods for detecting and preventing money laundering in the Canadian bank's Chicago branch.

Both the Fed and the OCC released consent orders dated April 29 they signed with BMO after bank examiners determined that its Chicago branch did not have proper systems in place to monitor and put a stop to money laundering activities.

The bank's Chicago branch "lacked effective systems of governance...
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