M&T to iron out money-laundering compliance issues

(Biz Journals) M&T Bank has 60 days to fix its anti-money laundering compliance program, according to a newly released written agreement between the Buffalo bank and the Federal Reserve.

The June 17 agreement lays out several provisions the bank must meet in order to satisfy the Fed’s concerns, which came to light in April as part of the agency’s regulatory review of M&T’s pending acquisition of Hudson City Bancorp Inc. in Paramus, N.J. M&T (NYSE: MTB) cannot finalize the $3.7 billion deal without the Fed’s approval, so it extended the deadline by which either bank can walk away from deal from August to Jan. 31. 2014...read full article

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