State Street Told To Improve AML Regulation Compliance

State Street was ordered by the Federal Reserve to improve its compliance with anti-money laundering regulations, making the Boston-based bank the latest to be tagged by the central bank over such issues. State Street, one of the world’s top custodial banks, will also bring in an independent firm to review account and transaction data to see if it properly managed suspicious activity. State Street asked to submit plan in 60 days Last month, State Street indicated that it expected to face an enforcement action after failing to comply with the Bank Secrecy Act, anti-money laundering rules and U.S. economic sanctions. The bank,…