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U.S. fines U.S. Bancorp $613 million for money-laundering violations

From Reuters - February 15, 2018

WASHINGTON (Reuters) - The U.S. Justice Department announced criminal charges against U.S. Bancorp on Thursday, alleging the bank willfully failed to have a sufficient anti-money laundering program, and reached a $613 million settlement.

As part of the sweeping settlement, the bank agreed to forfeiture payments and to pay fines to several authorities, including the Treasury Department, the Office of the Comptroller of the Currency and the Federal Reserve.

The Justice Department said in a statement that from 2009 to 2014, the bank, through its subsidiary U.S. Bank National Association, deliberately ran an insufficient anti-money laundering program.

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