WASHINGTON-Beginning with the new year, the FDIC has said it will consider adherence to new anti-money laundering laws for merger applications. The change is required under the recently passed USA PATRIOT Act signed Oct. 26, 2001.
The FDIC's consideration of the institutions' anti-money laundering record will initially include an analysis of each institution's record of compliance with the Bank Secrecy Act requirements. Adequacy of policies and procedures and ongoing compliance will be considered.
"Significantly adverse findings in this area may form the basis for a denial of the application," FDIC Director Michael Zamorski wrote in the December 28 letter to financial institutions.
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The new requirements will be applied to any applications submitted after December 31.
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