- Posted October 22, 2013
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Detroit bank agrees to fine in compliance probe
DETROIT (AP) -- A Detroit bank has agreed to pay a $250,000 fine to settle an investigation of compliance with anti-money laundering rules.
First Independence Bank admits that it had unsatisfactory procedures prior to 2009. It has hired new staff, installed sophisticated software and made other changes to detect suspicious banking activity.
Neither the bank nor the government disclosed any specific details about the investigation. Bank President Richard Zamojski says he's confident the improvements are some of the strongest in the country for a bank of its size.
U.S. Attorney Barbara McQuade says her office will vigorously enforce a bank's obligation to follow the rules.
Published: Tue, Oct 22, 2013
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