Bank Regulators Impose Sanctions on Bank of New York for Anti-Money Laundering Deficiencies Discovered in Russian Financial Irregularities Investigations

On February 8, 2000, the Federal Reserve Bank of New York, the New York State Banking Department, and the Bank of New York (BONY) published a written agreement establishing steps the BONY has agreed to take to strengthen its anti-money laundering internal compliance as a result of the deficiencies uncovered in the investigations of the Russian financial irregularities. The steps to which BONY has agreed also indicate the very mechanisms federal regulators have urged and hence represent a trend worth observing…[more]