U.S. Bancorp paid $528 million and admitted Bank Secrecy Act compliance failures
Company: U.S. Bancorp
Summary
DOJ charged U.S. Bancorp with two felony Bank Secrecy Act violations tied to its U.S. Bank subsidiary. The company accepted responsibility, admitted an extensive statement of facts and agreed to pay $528 million. DOJ said the bank restricted AML staffing and capped transaction alerts, causing large numbers of suspicious transactions to go uninvestigated. Source: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-criminal-charges-against-us-bancorp-violations-bank