Banks Face New U.S. Moves Against Laundering

WASHINGTON—The Justice Department has put Wall Street on notice that it plans additional enforcement actions against banks that haven't done enough to stem the flow of illicit funds into the U.S. financial system.

A top Justice Department official, in an interview with The Wall Street Journal, said banks have stepped up efforts to guard against money laundering in the wake of several high-profile federal enforcement actions, but the U.S. is still finding problems as it investigates banks.

Prosecutor Mythili Raman Bloomberg News

"I think [banks] still need to do more," said Mythili Raman, the acting assistant attorney general who heads the Justice Department's Criminal Division. "It's not as if our enforcement actions are over. There's more to come, and that suggests to me that there are still banks that haven't gotten the message."

Banks have come under increasing pressure from regulators and law enforcement to bolster their anti-money-laundering efforts as part of a broad attempt to eradicate money laundering by going after the financial institutions they say enable such activity.

Prosecutors are increasingly bringing cases under the Bank Secrecy Act, which requires financial institutions to take a range of steps to ensure customers' money doesn't come from criminal activity.

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