|MARCY GORDON, AP Business Writer|
U.S. federal regulators also on Monday cited the bank for lapses in oversight that could allow the bank to be used for money laundering.
The regulators each issued two cease-and-desist orders against
The U.S. regulators said that the bank has committed to take "all necessary and appropriate steps" to correct the problems.
"We've been working hard to fully remediate the issues" related to risk management,
The loss, which occurred less than four years after the 2008 financial crisis, hurt the bank's reputation.
Still, the bank took action against several employees at the heart of the controversy. Two senior managers and a trader linked to the
In addition to the firings,
The bank also made a broad reshuffle of its top management, in an apparent bid to restore investors' trust.
The second action announced Monday against
The bank was cited for poorly monitoring potential money laundering at a time when a number of banks have been the spotlight for such abuse.
Money laundering takes profits from the trafficking of drugs or arms or other illicit activities and passes them through bank accounts or other legitimate businesses to disguise the illegal activity.
AP Business Writer
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