NEW YORK — 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.
