Quincy, IL News - Journal930.com
Quincy, IL News - Journal930.com
Sunday, Nov 29, 2015

Discover gets FDIC order to bolster controls on money-laundering

1 year, 5 months ago chicagobusiness.com

No financial penalties are included

From chicagobusiness.com:

Discover Financial Services agreed with regulators to bolster its payment systems to prevent money laundering. The accord doesn’t include financial penalties.

The Federal Deposit Insurance Corp. told Discover “to correct any unsafe or unsound banking practices and prevent any violations of law or regulation” cited in a Sept. 9 report by the regulator, according to a filing today. The lender consented to the order “without admitting or denying any charges” related to weaknesses in its compliance with the Bank Secrecy Act, according to the filing.

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