The Federal Reserve Thursday ordered Germany's second largest bank to police its correspondent accounts and improve its customer risk assessments-the second such enforcement action in little more than a year. In a 12-page cease-and-desist order, the regulator told Frankfurt-based Commerzbank AG to assign anti-money laundering (AML) controls the "appropriate status" and better define compliance responsibilities for managers and staff. Within 30 days, the bank must retain a consultant to review the compliance program of its New York branch. Under terms of the order, Commerzbank must also make "any and all interim reports, drafts, work papers or other supporting materials" relating...
The Federal Reserve cited Germany's second-largest bank Thursday for broad deficiencies in its anti-money laundering program, including insufficient risk-ranking, suspicious activity reporting and bulk cash controls.
print