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Federal Reserve orders Bank of Montreal to correct lapses in anti-money laundering program

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WASHINGTON - Federal regulators are ordering the Bank of Montreal to take steps to correct lapses in oversight that could allow the bank to be used for money laundering.

The Federal Reserve announced an agreement Friday with the bank, which is one of Canada's largest. The Fed cited procedural deficiencies to prevent money laundering in the bank and its Chicago branch.

No financial penalty was imposed on the bank under the agreement. The bank agreed to submit detailed plans to the Fed and to Illinois banking regulators for strengthening its programs and correcting problems.

Money laundering attempts to take profits from illicit activities like drug dealing or arms trafficking and pass them through bank accounts or other legitimate businesses to obscure their origins.

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