The New York State Department of Financial Services fines bank for AML failures; the CFPB faces a lawsuit amid turmoil created by the election of President-elect Trump; and the EBA pushes ahead with regulatory technical standards despite some concerns being raised.
U.S. Bank Fined $235m For AML Failures
New York’s financial regulator fined the banking group Intesa Sanpaolo $235m for breaking anti-money laundering (AML) laws, including those around payment processing.
An investigation by the state’s Department of Financial Services (DFS) found an “utterly mismanaged” transaction monitoring system at the bank, as well as repeated failures to spot suspicious transactions.
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