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The Federal Reserve terminated a three-year-old enforcement action against the Bank of New York over the bank’s methods for protecting against money laundering.The bank, which merged with Mellon Financial in 2007 and is known as Bank of New York Mellon, was required to increase its staff and revamp its internal controls following the Fed’s investigation, which revealed problems in the way the bank reported suspicious activities and due diligence regarding customer risk.–cmarx@cutimes.com

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Peter Westerman

Credit Union Times

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