US Regulator: Checks on Money Laundering Flawed

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00024401-us-regulator-checks-on-money-laundering-f/

By Mark Felsenthal, Reuters

A U.S. bank regulator described its own supervision of anti-money laundering and suspicious transaction rules as marginally adequate in a report released on Friday.

The number of banks failing to correct problems with anti-money laundering and suspicious activity reporting requirements has decreased but still applies to one bank in five, the Office of the Comptroller of the Currency, which regulates national banks, said in a report.

The OCC’s report comes after the regulator admitted shortcomings in failing to detect and halt problems with reporting suspicious activities at Riggs Bank in Washington.

For this complete story, please visit US Regulator: Checks on Money Laundering Flawed.

US Regulator: Checks on Money Laundering Flawed

Unknown Author

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