Bank of New York Ends Laundering Probe

Bank of New York Co. ended a probe of its role in the laundering of $7 billion, allegedly moved illegally out of Russia, by agreeing to make periodic reports on its money-transfer activity to U.S. regulators. The agreement, which does not levy any fines against the bank, was signed by the company, the Federal Reserve Bank of New York and the New York State Banking Department. It requires monitoring and review designed to improve the level of auditing, due diligence, risk management and compliance in the area of money transfer. Separate probes of the alleged money laundering are continuing to determine whether any profit was earned through criminal activity. The Bank of New York said that it had already begun to implement most of the changes called for in the agreement and that some had already been completed. The company’s shares rose $1.06 to close at $39.31 on the New York Stock Exchange.