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U.S. Bancorp to pay $613M for AML compliance failures

Jaclyn Jaeger | February 15, 2018

U.S. Bancorp, the parent company of U.S. Bank, will pay a total of $613 million in penalties for willfully failing to have an adequate anti-money laundering compliance program and willfully failing to file a suspicious activity report in violation of the Bank Secrecy Act.

The penalties reflect settlements reached with the U.S. Attorney’s Office for the Southern District of New York; the Office of the Comptroller of the Currency (OCC); the Federal Reserve Board; and the Financial Crimes Enforcement Network (FinCEN).

“U.S. Bank’s AML program was highly inadequate,” U.S. Attorney Geoffrey Berman stated. “The bank operated the program ‘on the cheap’ by restricting headcount and other compliance resources and then imposed hard caps on the number of transactions subject to AML review in order to create the appearance that the program was operating properly.”

“The bank also concealed its wrongful approach from the OCC,” Berman added. “As a result, U.S. Bank failed to... To get the full story, subscribe now.