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Fed Orders Miami Branch of Israeli Bank to Improve Due Diligence
By Larissa Bernardes
printThe Federal Reserve Board and a Florida financial regulator ordered a Miami branch of Israel's largest bank earlier this month to overhaul its anti-money laundering program within 60 days. The bank, a branch of Israel-based Hapoalim Bank, must implement a risk-based customer due diligence program as part of the written agreement with the Fed and Florida's Office of Financial Regulation. The regulators disclosed the July 8 enforcement action on Tuesday. Additionally, the bank must also develop enhanced customer due diligence procedures that include periodic reviews of identification documents, and ensure "appropriate" participation by senior management in reviewing suspicious activity, according...
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