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Fed Cites M&T Bank For Money Laundering Problems

M&T Bank Corporation's has compliance problems with combating money laundering, according to court filings on Tuesday. These problems have impacted the bank's merger with Hudson City Bancorp. Inc., the Federal Reserve Bank of New York said. The Fed concluded in a recent inspection, the firm had deficiencies in its compliance risk management program in conforming to anti-money laundering laws and has required the bank to submit a new compliance program within 60 days on specific action. The bank must also hire an independent consultant to review all accounts and transactions related to high-risk customers in the last half of 2012. M&T Bank shares was up 0.6% in trading.Copyright © 2013 MarketWatch, Inc....

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