HSH Nordbank To Bolster Anti-Money Laundering Controls

Law360, New York (April 4, 2013, 7:19 PM EDT) -- HSH Nordbank AG has agreed to step up its efforts to prevent money laundering at its New York branch after financial regulators uncovered holes in its compliance regime, according to a settlement released by the Federal Reserve on Thursday.

Under the agreement reached with the Federal Reserve Board and the New York State Department of Financial Services, HSH Nordbank will address certain unspecified “deficiencies” in the German bank's compliance with both risk management and anti-money laundering regulations. The order was dated March 25.

“It is the...
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