The Canadian Press - ONLINE EDITION

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

  • Print

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.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Lindor Reynolds speaks candidly about life with terminal cancer

View more like this

Photo Store Gallery

  • Young goslings are growing up quickly near Cresent Lake in Portage La Prairie, Manitoba- See Bryksa 30 Day goose project- Day 11- May 15, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Marc Gallant / Winnipeg Free Press.  Local- (Standup Photo). Watcher in the woods. A young deer peers from the forest while eating leaves by Cricket Drive in Assiniboine Park. A group of eight deer were seen in the park. 060508.

View More Gallery Photos

Poll

Should Premier Greg Selinger resign?

View Results

View Related Story

Ads by Google