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State Street Anticipating Enforcement Action

Jaclyn Jaeger | May 15, 2015

State Street disclosed in a filing with the Securities and Exchange Commission this week that it expects to become the subject of an enforcement action brought by the Federal Reserve and the Massachusetts Division of Banks for deficiencies in the bank’s compliance program relating to the Bank Secrecy Act, anti-money laundering regulations, and U.S. economic sanctions.

The bank said in a Form 8-K, dated May 14, that it expects it will be required under a written agreement “to implement improvements to its compliance programs and to retain an independent firm to conduct a transaction review of account and transaction data covering a prior three-month period for identification and reporting of suspicious activity in accordance with applicable regulatory requirements.”

“If deficiencies in...

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