Law360, New York (July 2, 2015, 7:17 PM EDT) -- The Federal Reserve announced on Thursday that the New York branch of Dutch lender Rabobank has agreed to increase its anti-money laundering compliance after an examination of the bank revealed it wasn’t up to scratch.According to the June 30 agreement, which doesn’t provide any details of the alleged deficiencies, Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, also known as Rabobank, isn’t required to pay a financial penalty but must submit to certain provisions in order to strengthen Rabobank Nederland, New York Branch’s compliance with state and federal laws and regulations.“It is the common goal of the Reserve Bank and the bank to... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The Federal Reserve has said that the New York branch of the Cooperative Centrale Raiffeisen-Boerenleenbank (Rabobank) has agreed to increase its anti-money laundering compliance following an examination, which showed that its compliance was not up to scratch, though the bank has been saved from paying a financial penalty.