M&T Bank To Address Money Laundering Issues In $4B Merger

Law360, Washington (June 18, 2013, 3:53 PM EDT) -- M&T Bank Corp. agreed Tuesday to create and implement a broad anti-money laundering and regulatory compliance system to assuage the concerns of the Federal Reserve Bank of New York, which halted its proposed $3.7 billion merger with Hudson City Bancorp Inc.

According to the written agreement between M&T and the Fed, M&T has 60 days to submit a comprehensive firmwide program that will focus on Bank Secrecy Act and other anti-money laundering regulation compliance and correct deficiencies in its earlier system.

The Fed previously stalled M&T's...
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