- Associated Press - Wednesday, March 2, 2016

ALBANY, N.Y. (AP) - New York and federal regulators have reached agreement with the Industrial Bank of Korea to strengthen its compliance with required measures against money laundering at its New York branch.

Authorities say it follows an examination that found deficiencies in its compliance and risk management.

The agreement requires the bank submit written plans to the state Department of Financial Services and the Federal Reserve Bank of New York within 60 days and quarterly progress reports.

The bank is expected to detail better internal controls for correspondent accounts and ensure adequate compliance staff with expertise about it.

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