CrimProf Blog

Editor: Kevin Cole
Univ. of San Diego School of Law

Friday, February 16, 2018

"U.S. Bank Cited by Federal Authorities for Lapses on Money Laundering"

From The New York Times:

U.S. Bank, the fifth-largest commercial bank by assets in the United States, was charged by the federal authorities on Thursday with failing to guard against illegal activity and, in at least one instance, even abetting it.

The Justice Department accused U.S. Bank, which is based in Minneapolis, of severely neglecting anti-money laundering rules, helping a payday lender operate an illegal business and lying to a regulator about its plans for tracking potential criminal activity by bank customers.

Federal prosecutors in Manhattan reached an agreement with U.S. Bank to defer prosecution as long as the bank could show it had improved its monitoring of customer transactions. To settle the Justice Department charges and cases brought by other regulators, the bank agreed to pay various fines and penalties totaling $613 million.

http://lawprofessors.typepad.com/crimprof_blog/2018/02/us-bank-cited-by-federal-authorities-for-lapses-on-money-laundering.html

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