Regional Bank Fined $613 Million

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Regional Bank Fined $613 Million for Shoddy Money-Laundering Controls

U.S. Bancorp USB was fined $613 million Thursday for what regulators and prosecutors said were shoddy anti-money-laundering controls, a rare regulatory setback for a bank that emerged from the financial crisis relatively unscathed.

The U.S. attorney’s office in Manhattan also announced criminal charges against the bank that eventually could be dismissed. The Manhattan U.S. Attorney, Geoffrey Berman, said the bank’s poor controls had allowed a former customer, race-car driver Scott Tucker, to launder money from an illegal payday-lending scheme. Mr. Tucker was convicted of fraud last year.AMIBC® - VOTE! BE COUNTED! BE HEARD!
SOURCE ⇒ WSJ

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