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Fed finds money laundering flaws at Discover Financial
May 28, 2015 / 3:02 PM / 2 years ago

Fed finds money laundering flaws at Discover Financial

WASHINGTON, May 28 (Reuters) - Credit card issuer Discover Financial Services agreed to a range of improvements to its anti-money laundering policies after the U.S. Federal Reserve had found deficiencies in the program, the Fed said on Thursday.

Discover, which is based in Riverwoods, Illinois, had also signed a consent order to be issued by the Federal Deposit Insurance Corp., another bank regulator, a written agreement between the bank and the Fed said.

The bank needed to submit a number of plans to the Fed to lay out how to review its anti-money laundering policies, to improve board oversight and to show that it was doing enough to spot suspicious activities, the agreement said. (Reporting by Douwe Miedema; Editing by Chizu Nomiyama)

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