Order from 2015 citing BSA program deficiencies at State Street Corporation and bank terminated by Fed

An enforcement order from 2015 with State Street Corporation and its subsidiary State Street Bank and Trust Company (Boston) over Bank Secrecy Act (BSA) compliance issues was terminated May 29, the Federal Reserve Board said Thursday.

The 2015 order identified deficiencies in the bank holding company’s firmwide compliance risk management program with respect to compliance with BSA and anti-money laundering (AML) requirements; and the bank’s compliance with BSA/AML requirements with respect to internal controls, customer due diligence procedures, and transaction monitoring requirements.

Federal Reserve Board announces termination of enforcement action with State Street Corporation and State Street Bank and Trust Company

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