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OTS Orders Three-Year Review of CTRs at Massachusetts Bank
printThe Office of Thrift Supervision has ordered a Boston area bank to improve the anti-money laundering controls of its New York-based subsidiary, the U.S. Treasury Department agency said Friday. Brookline Bank must assess within 30 days whether its subsidiary, Eastern Funding, LLC, has any potential vulnerabilities to money laundering and terrorist financing, the OTS said in a cease-and-desist order. The Brookline, Mass.-based bank must also develop Bank Secrecy Act and sanctions policies for Eastern Funding within a month, the agency said. The agency also dinged the bank over currency transaction reports (CTRs), requiring the bank to review all transactions at...
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