US BANCORP TO PAY USD598 MILLION PENALTIES AND FORFEITURES OVER AML FAILURES
February 1st, 2018
US Bancorp and its subsidiary, the US Bank National Association (US Bank), the fifth largest bank in the United States, will pay USD598 million in charges, penalties and forfeits to American regulators and judicial authorities over failures to operate effective anti-money laundering (AML) systems. This included failing to file suspicious transaction reports (STRs) and offences involved breaking US criminal laws, including the Bank Secrecy Act, between 2008 and 2015, said Geoffrey S Berman, the US attorney for the New York southern district.
He has announced a ...
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