1600 Burrstone Road, Utica, NY 13502
(315) 792-3006

Fed Cites M&T for Anti-Money Laundering Problems

WASHINGTON (WSJ) —The Federal Reserve said Tuesday it found wide-ranging problems with M&T Bank Corp.’s MTB efforts to combat money laundering, a compliance issue that has held up the bank’s merger with Hudson City Bancorp Inc. HCBK

The Fed said as part of a written agreement with the bank that it had found “deficiencies in M&T’s firmwide compliance risk-management program” for conforming with federal anti-money-laundering laws. Regulators also questioned M&T’s internal controls, review of potential high-risk customers, and oversight of foreign correspondent accounts under its Wilmington Trust unit…read full article

Tags: , ,