News

Over 14 percent of the bank failures reviewed by federal regulatory watchdogs during the last three years had serious deficiencies in their anti-money laundering programs, government data shows. Of the 92 material loss reviews (MLRs) completed by the Federal Deposit Insurance Corp.'s Office of Inspector General and the Treasury Department's Office of Inspector General between January 2008 and Sept. 1 of this year, 13 cited anti-money laundering (AML) deficiencies occurring alongside liquidity, lending, risk management and board oversight problems. In seven out of the 13 of the cases, AML missteps predated the more serious safety and soundness violations by as...