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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS Bank Pays $613 Million Over Money Laundering Charges
NEW YORK (AP) U.S. Bancorp said Thursday it will pay $613 million in fines and penalties to settle allegations that the bank had poor anti-money laundering controls, which put the bank repeatedly at risk of being used as a conduit for criminals.
The $613 million penalty is being split between multiple federal agencies. The bank will pay $453 million to the U.S. Treasury through the Southern District of New York; $70 million to the Financial Crimes Enforcement Network, a government agency tasked with handling money laundering cases; $15 million to the Federal Reserve; and $75 million to the Office of the Comptroller of the Currency.
Regulators say the Minneapolis-based bank "willfully" violated the Bank Secrecy Act, failing to report suspicious activity. Bank employees failed to fill out reports appropriately, impeding the ability for law enforcement to do their jobs.
In one case involving Scott Tucker, a former professional race car driver who was sentenced to more than 16 years in prison for an illegal payday lending scheme in January, U.S. Bank employees willfully did not file appropriate suspicious activity reports to regulators and deliberately ignored potential flags for years. Tucker moved more than $2 billion in revenue through accounts at U.S. Bank that were tied to his illegal payday lending scheme, the Justice Department said Thursday.
Read more: https://www.memphisdailynews.com/news/2018/feb/16/us-bank-pays-613-million-over-money-laundering-charges/
Wounded Bear
(58,683 posts)Sneederbunk
(14,297 posts)dembotoz
(16,819 posts)also an episode on trump
cannot rec the series high enough
Gabi Hayes
(28,795 posts)Was looking thru that ystrdy
Seen Ozark?
Thats what its centered on
melm00se
(4,993 posts)kind of stuff?
If a CxO knows that he risks a decent stretch in the graybar hotel for the company's actions, then people playing fast and loose with the rules would come to a complete screeching halt.