Federal Reserve Agree on Compliance Directives with ABN Amro and Union Bank of California

On July 26, 2004 and October 19, 2004, the Federal Reserve Board announced the execution of a Written Agreement by and between ABN Amro Bank, N.V., Amsterdam and the Union Bank of California, respectively on international anti-money laundering compliance. The two Agreements underscored the international aspects of anti-money laundering compliance. According to media reports, the Agreement arises from transactions by ABN Amro with banks in Russia, Eastern Europe, and the Caribbean. The Federal Reserve is investigating $885,000 in transfers in mid-2000 between Latvia and the U.S., through ABN Amro in New York. The transfers were suspected of being part of a fraudulent scheme to avoid taxes in Russia. In particular, links between ABN Amro and banks in Latvia are under scrutiny....[more]