WASHINGTON Jan 17 U.S. regulators told Dutch
bank Rabobank to fix problems with its anti-money
laundering programs last month after identifying compliance
issues in an order made public on Friday.
The Office of the Comptroller of the Currency (OCC) entered
into a consent order with Rabobank in December. The U.S. bank
regulator included the order in a list of recent enforcement
actions that was published on Friday.
Rabobank, which has many California locations, was fined $1
billion by U.S. and European regulators last year for rigging
benchmark interest rates. Several top executives stepped down,
and three former traders were criminally charged this week.
The OCC order does not include any penalties.
U.S. regulators have made anti-money laundering efforts a
priority in recent years and have required nearly every major
financial institution to improve its policing of illicit
activity by customers.
JPMorgan Chase & Co agreed last week to improve its
compliance after it was forced to pay $2 billion to U.S.
authorities over issues related to its relationship with Ponzi
schemer Bernard Madoff.
The OCC directed Rabobank to appoint a compliance committee
and detail the steps needed to fix its anti-money laundering
program, for review by U.S. regulators.
It also must conduct an assessment to determine locations
and products that pose anti-money laundering risk to the bank,
the OCC said.
Spokesmen for Rabobank did not immediately respond to
requests for comment.