U.S. Bancorp hit with $613M in penalties

The corporate parent of the nation's fifth-largest bank was hit with $613 million in penalties for disregarding suspicious transactions. U.S. Bancorp, the parent of U.S. Bank, agreed to the criminal and civil penalties in settlements announced by the Manhattan U.S. Attorneys Office in New York, the Office of the Comptroller of the Currency, the Federal Reserve and the Financial Crimes Enforcement Network. From 2009 until 2014, U.S.Bank set an artificial cap on the number of alerts generated by its customer transaction monitoring systems, authorities said. 

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You need to read the story. They failed to have good procedures and checks to catch money laundering. The bank wasn't doing the laundering.

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Just now, JohnAtronis said:

You need to read the story. They failed to have good procedures and checks to catch money laundering. The bank wasn't doing the laundering.

I'm sure it was just an accident they committed a highly profitable crime with no consequences. lol

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Just now, 李伟王芳 said:

I'm sure it was just an accident they committed a highly profitable crime with no consequences. lol

well, they got caught. 

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