WASHINGTON (Reuters) -The U.S. Federal Reserve ordered Credit Suisse on Friday to strengthen its anti-money laundering policies after bank examiners found deficiencies in its U.S. operations.

The order directs the bank to adopt a formal plan to overhaul its policies within 90 days to ensure it is appropriately monitoring for illicit activity, and regularly report to the regulator on its progress.

In a statement, the bank said it was committed to meeting the terms of the order “in a timely and thorough manner,” and was already pursuing an “extensive enhancement plan” to its New York operations.

The enforcement order, reached jointly with the New York Department of Financial Services, comes days after Swiss prosecutors charged the bank over alleged failings related to a Bulgarian crime ring accused of laundering cocaine trafficking proceeds. An unnamed former bank manager was also indicted in the Swiss Federal Criminal Court.

Credit Suisse “unreservedly” rejected those allegations, adding it was convinced its ex-employee was innocent and it had improved its operations since the alleged activity took place.

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