Bank to Pay over $600 Million for BSA/AML Violations

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").

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