Original Source Material
A judge rejected allegations that Bank of America failed to uphold anti-money laundering and know-your-customer standards. The lender, however, will face a claim that it obstructed the enforcement of trafficking laws.
BNY dismissed from Epstein case, but BofA must face some claims
Summary
- Bank of America will face a claim for obstructing the enforcement of trafficking laws.
- The lender was not found to have failed in upholding anti-money laundering and know-your-customer standards.
Why It Matters for Texas Credit Unions
Relevant as it involves compliance issues that Texas credit unions must also adhere to, particularly in terms of anti-money laundering (AML) and know-your-customer (KYC) practices.