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Canada’s OSFI Asking Questions of Bank of Montreal Following U.S. Actions
By Brian Monroe
printCanada's primary financial regulator is looking into whether Bank of Montreal violated anti-money laundering rules following the issuance of two enforcement actions Friday by federal U.S. agencies, a spokesperson confirmed. The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Illinois Department of Financial and Professional Regulation issued anti-money laundering (AML) enforcement actions against the Bank of Montreal and its Chicago-based subsidiary BMO Harris Group for wide-ranging anti-money laundering deficiencies related to customer risk assessments and transaction monitoring. In an 11-page written agreement, the Fed ordered the bank to allocate greater funding to...
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