U.S. Bank pays $613 million over money laundering charges

Minneapolis-based 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.

https://www.twincities.com/2018/02/15/u-s-bank-pays-613-million-over-money-laundering-charges/