Discover Gets FDIC Order to Bolster Controls on Money-Laundering
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Discover Financial Services agreed with regulators to bolster its payment systems against money launderers. No financial penalty was imposed.
The Federal Deposit Insurance Corp. told Discover “to correct any unsafe or unsound banking practices and prevent any violations of law or regulation” cited in a Sept. 9 report by the regulator, according to a filing yesterday. The lender consented to the order “without admitting or denying any charges” related to weaknesses in its compliance with the Bank Secrecy Act, according to the filing.