News
US Bank National Association Committed, Concealed AML Violations: Federal Officials
By Daniel Bethencourt
printFederal regulators and prosecutors disclosed $613 million in penalties Thursday against U.S. Bank for committing a litany of anti-money laundering violations from 2009 to 2015, then taking steps to disguise some of the infractions from the Office of the Comptroller of the Currency. Many of the violations stemmed from U.S. Bank’s policy of setting "fixed limits" on the number of transactional alerts that could be generated each month to avoid having to hire additional staff to review them, prosecutors claimed in a 28-page complaint against the Minneapolis-based lender, the fifth-largest in the United States. Prosecutors also cited U.S. Bank for...
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Related Enforcement Actions
The Financial Crimes Enforcement Network issued the civil monetary penalty against the Cincinnati, OH-based bank for its willful violation of the Bank Secrecy Act and anti-money laundering reporting requirements since 2011.
February 15, 2018
The Federal Reserve Board issued a cease and desist order and a civil monetary penalty order upon consent against the Minneapolis, MN-based bank holding company and its subsidiary that requires the payment of a $15 million penalty for deficient Bank Secrecy Act and anti-money laundering compliance.
February 14, 2018
The Office of the Comptroller of the Currency issued a consent against the Cincinnati, OH-based bank that requires it to pay a $75 million penalty for deficiencies in the financial institution’s Bank Secrecy Act and anti-money laundering compliance program.
February 13, 2018
The U.S. Justice Department entered into a deferred prosecution agreement with the Minneapolis, MN-based banking holding company on behalf of its Cincinnati, OH-based subsidiary requiring it to pay a $528 million penalty and continue reform of its BSA and AML compliance program.
February 15, 2018