Task Is Complex, Leadership Is Lacking, Critics Say. For two years after the terrorist attacks of Sept. 11, 2001, an unlicensed money transmitter in New York City used a New Jersey bank to move $1 billion in and out of foreign accounts, some belonging to black market currency traders. By law, Hudson United Bank was required to tell regulators at the Federal Deposit Insurance Corp. about such suspicious transactions, but it didn’t. Instead, a probe by the New York district attorney finally alerted FDIC officials. Earlier this year, the Federal Reserve Board fined the U.S. arm of Swiss bank UBS AG $100 million for illegally funneling $5 billion in cash to countries with which U.S. firms were banned from doing business, including Cuba, Iran and Libya. The secret cash pipeline eluded UBS’s regulators at the Fed — until U.S. soldiers in Baghdad stumbled onto a stash of U.S. bills. Full Story