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Federal Reserve Orders State-Owned Argentine Bank to Perform Look Back
printBy Carla Valero and Alejandra Slatapolsky cvalero@moneylaundering.com aslatapolsky@moneylaundering.com In the first U.S. enforcement action against an Argentinian bank, Banco de la Naci??n Argentina agreed with federal and state regulators to correct anti-money laundering (AML) program deficiencies at its New York branch, mainly in transaction monitoring. The March 2 agreement with the Federal Reserve and New York State Banking Department requires the Buenos Aires-based bank to perform a look back on a year's worth of transaction activity. The state-owned bank, with branches in Miami, Madrid, and several South American countries, must retain a third-party firm to conduct the review. Jos?© Antonio...
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United Roosevelt Savings Bank and Eurobank, in cease and desist orders issued Tuesday, were instructed to look for transactions that should have triggered currency transaction reports or suspicious activity reports. Both were cited for other deficiencies in their anti-money laundering programs.
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