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Feds require BMO to tighten procedures

9:43 AM, May 18, 2013  |  Comments
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The U.S. Federal Reserve and Bank of Montreal, which operates in Wisconsin as BMO Financial, have entered into an agreement for the bank to strengthen its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) procedures.

In an order released Friday, the Federal Reserve said an inspection at BMO's Chicago Branch disclosed deficiencies in the branch's risk management and compliance with BSA/AML requirements.

The agreement calls for the bank to strengthen its procedures, improve training and make regular reports on its progress.

The Federal Reserve last year required Associated Banc-Corp of Ashwaubenon to improve its Bank Secrecy Act procedures as well.

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