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. Last Updated: 07/27/2016

BoNY Defends Itself

NEW YORK -- Bank of New York chairman and chief executive Thomas Renyi on Tuesday defended the bank's reputation as shareholders questioned management's role in a money laundering investigation last year.

"I cannot comment in any detail about that investigation except [to say] that it was a single, isolated set of events with one business relationship referred to us by a trusted employee," Renyi told shareholders at the bank's annual meeting of shareholders in New York.

The New York-based bank last year was at the center of a far-flung probe into money laundering by suspected Russian mobsters and businessmen, who illegally pushed some $7 billion through accounts at its branches.

It was not charged with any crime, but a former Russian-born bank employee and her husband pleaded guilty to a variety of crimes.

The probe ended with an agreement signed on Feb. 8, in which the bank agreed to periodically report money transfer activity to regulators.