Sumitomo Mitsui Ordered to Fix Money-Laundering Controls in U.S.
This article is for subscribers only.
Sumitomo Mitsui Financial Group Inc.’s banking unit was ordered by the U.S. Federal Reserve to fix weaknesses in its protections against money laundering.
Fed supervisors found “deficiencies” in Sumitomo Mitsui Banking Corp.’s anti-money laundering systems, the regulator said in an order dated April 23. The Fed said the weak controls were detected at a New York branch that’s under its supervision.