US, foreign banks’ lax money-laundering, cyber controls dominate Fed exam findings

1 December 2019 9:37am
Banks’ weaknesses in complying with anti-money-laundering and cybersecurity rules plague both foreign firms operating in the US and large American institutions, a US Federal Reserve report this week said.

More than 90 percent of the shortcomings found in foreign banks operating in the US dealt with such internal governance and controls matters, the Fed’s second annual supervision and regulation report said.