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 Canada's fourth-largest by assets. 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.
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