February 15, 2018
Bank capped number of alerts rather than invest resources to investigate suspicious activity.
The Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency, and the U.S. Department of Justice, today announced the assessment of a $185 million civil money penalty against U.S. Bank for willful violations of several provisions of the Bank Secrecy Act (BSA). U.S. Bank’s obligation will be satisfied by payment of $70 million to the U.S. Department of the Treasury with the remaining amount satisfied by payments in accordance with the DOJ’s actions. Since 2011, U.S. Bank willfully violated the BSA’s program and reporting requirements by failing to establish and implement an adequate anti-money laundering program, failing to report suspicious activity, and failing to adequately report currency transactions.