- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
U.S. Bancorp, the parent company of U.S. Bank, announced today that it will pay a total of $613 million in total 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.
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The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.
A look at the scandal at Beaufort Securities, which switched from real estate investments to Picassos to launder money, because of the limited risk in the unregulated art market.
