Maria T. Vullo: Money Laundering Bank

Posted by admin on Tuesday, August 23, 2016

Maria T. Vullo, New York Department of Financial Services Superintendent said:

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions. The compliance failures that DFS found at the New York Branch of Mega Bank are serious, persistent and affected the entire Mega banking enterprise and they indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure. DFS’s recent examination uncovered that Mega Bank’s compliance program was a hollow shell, and this consent order is necessary to ensure future compliance.” — New York Department of Financial Services Superintendent Maria T. Vullo

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