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Fed terminates enforcement action against Fulton Financial, United Bank

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Fed terminates enforcement action against Fulton Financial, United Bank

The Federal Reserve Board terminated its Sept. 4, 2014, enforcement action issued against Lancaster, Pa.-based Fulton Financial Corp. and unit Lafayette Ambassador Bank, as well as its July 2, 2018, enforcement action issued against New York-based United Bank - New York Branch, a subsidiary of Pakistan-based United Bank Ltd.

In the case of Fulton Financial, the Fed had directed the company's board to submit a written plan describing the actions it would take to improve its compliance risk management related to the Bank Secrecy Act and anti-money laundering requirements, among other things.

In the case of United Bank, the regulator had ordered it to tighten its anti-money laundering policies after the regulator found that the bank failed to comply with anti-money laundering rules.