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Federal Reserve, New York Issue AML Action Against German Bank
printState and federal regulators have handed a cease and desist order to one of Germany's largest financial institutions over lapses in its New York branch's anti-money laundering controls. Frankfurt, Germany-based Dresdner Bank entered into an agreement with the Federal Reserve and the New York State Banking Department on October 29 requiring the bank's New York branch to develop a written compliance program based on the findings of an independent review, according to the action, made public Thursday. The bank's new program must also improve internal controls for correspondent banking and funds transfer clearing and overall management of the program, according...
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