Business Services Industry
New Jersey's Hudson United Bank Settles with FDIC to Improve Account Security.
Knight Ridder/Tribune Business News, June, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Jun. 1--Federal regulators have ordered Hudson United Bank to step up efforts to comply with federal laws that require banks to monitor customer accounts to prevent money laundering.
Mahwah, N.J.-based Hudson United, which has 42 branches in Connecticut, and the Federal Deposit Insurance Corp. have reached the agreement after there were allegations of possible money laundering at a Hudson United branch in Manhattan.
The bank agreed to the cease-and-desist order without denying or admitting to the allegations.
The allegations focus on a New York-based correspondent banking business that Hudson United acquired in June 2002 from the failed Connecticut Bank of...
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