A money-laundering investigation has spread.
Federal agents have 41 banks under investigation for failure to comply with laws to combat money laundering, and the probe could spread to as many as 100 others, the Treasury Department’s top enforcement officer told the House Banking Committee. John M. Walker Jr., assistant secretary of the Treasury, declined to identify those banks under investigation. The Bank Secrecy Act of 1970 requires banks to report large cash transactions to federal regulators. The House Banking Committee is investigating the Bank of Boston’s failure to report $1.2 billion in cash transfers.
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