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Article: Regulators mull IDB compliance; Money laundering, securities unit at issue amid turmoil on the board.(News)
- Article from:
- Crain's New York Business
- Article date:
- April 23, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Anne Michaud
israel discount bank of New York is coming under the scrutiny of regulators who believe that it is failing to live up to a 2005 agreement to stamp out money laundering. Regulators are also questioning whether the bank is doing enough to establish a sufficient compliance operation for its new in-house securities unit.
The questions come amid turmoil on the board of directors over the role played by owner and former director Matthew Bronfman, son of businessman and World Jewish Congress founder Edgar Bronfman Sr.
Bank officials acknowledged meeting with representatives of the Federal Deposit Insurance Corp. and the Manhattan ...