The local branch of Germany’s HSH Nordbank AG will improve its anti-money laundering controls under an agreement with regulators released by the Federal Reserve on Thursday.
The Fed and the New York State Department of Financial Services entered into a settlement with HSH Nordbank’s New York branch that requires the bank to address problems with its anti-money laundering compliance and requirements to report suspicious customer activity.
The settlement comes as regulators step up efforts to better police for illicit money flows. The Fed ordered Citigroup Inc last week to improve its own compliance processes.
Detailed news link: click here
Link to settlement order: click here