United States:
Bank To Pay Over $600 Million For BSA/AML Violations
20 February 2018
Cadwalader, Wickersham & Taft LLP
To print this article, all you need is to be registered or login on Mondaq.com.
U.S. Bancorp and its operating subsidiary, U.S. Bank, entered into agreements to pay $613
million to resolve allegations that U.S. Bank broke Bank Secrecy
Act/Anti-Money Laundering ("BSA/AML") rules. U.S.
Bancorp and its operating subsidiary agreed to pay $453 million to
the U.S. Treasury through the Southern District of New York, plus
an additional $70 million to the Financial Crimes Enforcement
Network ("FinCEN"), $15 million to the Board of Governors of the Federal Reserve
System, and $75 million to the Office of the Comptroller of the
Currency ("OCC").
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from United States
Secured Creditor Chapter 11 Considerations
Trenam Law
Lenders are naturally in a reactionary position when their borrowers file for Chapter 11. Following these tips will help position them for the best possible outcome.
Dos And Don'ts Of Interacting With Bank Regulators
Goodwin Procter LLP
Supervision is a daily fact of life for bank boards and management. Below, we offer strategies for how both board members and members of management can ensure that the supervisory process goes as smoothly as possible.