Fed Ends Action on Sumitomo Mitsui Over Laundering Controls
The Federal Reserve has terminated an enforcement action against Sumitomo Mitsui Banking Corp., Japan's second-largest lender. The enforcement action was related to the bank's anti-money laundering controls. The termination of the action could potentially allow Sumitomo Mitsui to expand its business operations in the United States further. The Federal Reserve did not provide any specific details about the reasons behind the termination of the enforcement action. However, this move suggests that the bank has addressed the issues identified by the regulator and has now met the necessary requirements for anti-money laundering compliance. The termination of the enforcement action is a positive development for Sumitomo Mitsui, as it could open up new opportunities for the bank to grow its presence in the lucrative US financial market.
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