Bancorp, the parent company of U.S. Bank, recently announced that will pay $613 million in penalties for failing to comply with the Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements.
The company’s BSA/AML compliance program was deemed faulty by the U.S. Attorney’s Office for the Southern District of New York, the Office of the Comptroller of the Currency, the Federal Reserve and the Financial Crimes Enforcement Network.
Find out what deficiencies led to compliance issues for the bank.