US clarifies anti-money laundering enforcement rules

(Reuters) - Banks and credit unions must have proper internal controls,
independent testing of anti-money laundering programs, a
program coordinator and a staff training program. A
cease-and-desist order could be issued if they fail to
establish and maintain a reasonably designed program or correct
a previous problem, regulators said.




The guidance was issued by the Office of the Comptroller of
the Currency, Federal Reserve, Federal Deposit Insurance
Corporation, Office of Thrift Supervision and the National
Credit Union Administration.


Read more at Reuters.com Government Filings News

UPDATE 1-KeyCorp freed from special Fed oversight

(Reuters) - Cleveland-based KeyCorp in a U.S. Securities and Exchange
Commission filing said the Office of the Comptroller of the
Currency and the Federal Reserve Bank of Cleveland have ended
their special oversight of its KeyBank N.A. unit.




KeyCorp in October 2005 had agreed with the regulators to
strengthen its anti-money laundering controls, including those
related to its obligations under the Bank Secrecy Act.


Read more at Reuters.com Bonds News