The U.S. Federal Reserve Board said it has told Bank of Montreal to step up efforts to detect and prevent money laundering at the Canadian bank's Chicago branch.

U.S. regulators Friday ordered Bank of Montreal (BMO, BMO.T) to strengthen its anti-money-laundering programs, citing deficiencies in its U.S. subsidiary's efforts at risk management and compliance with the Bank Secrecy Act. The U.S. Federal Reserve ...

The agreement said the Fed found the Bank of Montreal's Chicago branch, in trying to follow anti-money laundering rules, "lacked effective systems of governance and internal controls to adequately oversee the activities of Bank of Montreal's U.S ...

The U.S. Federal Reserve said the Canadian bank's U.S. subsidiary "lacked effective systems of governance and internal controls to adequately oversee the activities of Bank of Montreal's U.S. operations with respect to legal, compliance, and ...

TORONTO - The Bank of Montreal (TSX:BMO) and its U.S. subsidiary have agreed to beef up efforts to combat money laundering after American authorities found its operations in Chicago lacking.

The regulators �determined that (BMO Financial Corp.) lacked effective systems of governance and internal controls to adequately oversee the activities of Bank of Montreal's U.S. operations with respect to legal, compliance and reputational risks ...

The Federal Reserve has ordered Bank of Montreal's U.S. unit to strengthen compliance with laws designed to deter money laundering.

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.

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"The trades at issue were done without BMO's knowledge and were executed through an account outside BMO." The settlement agreement comes after the OSC and the U.S. Securities and Exchange Commission reached separate agreements with a former ...