Law and regulation

Associated Banc-Corp Fined $500,000 in Money-Laundering Order

By Andy Peters May 14, 2014, 11:19 a.m. EDT 1 Min Read

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M&A

M&T's Wilmers Defends Hudson City Deal at Investor Meeting

Robert Wilmers, chairman and CEO of M&T Bank, told shareholders at its annual meeting that times are tough for banking and that the continued delay of its Hudson City deal, and associated high costs, are disappointing. But he insisted that the deal is still worth doing.

By Andy Peters

April 15

Associated Banc-Corp (ASBC) in Green Bay, Wis., has been hit with a $500,000 fine by regulators for deficiencies in its anti-money laundering compliance procedures.

The $24.8 billion-asset company, which disclosed the civil money penalty in a Monday regulatory filing, said it expects no additional fines due to the issue. The fine was tied to a February 2012 consent order from the Office of the Comptroller of the Currency. Associated said in March said that the OCC had formally terminated the order.

Regulators have shown a heightened interest in compliance tied to anti-money laundering laws and the Bank Secrecy Act, most notably in relation to M&T Bank's (MTB) agreement to buy Hudson City Bancorp (HCBK). M&T has twice postponed the deadline for closing the deal, as it looks to satisfy regulators by improving its anti-money laundering compliance procedures and technology.

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