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U.S. Bancorp fined $613M over AML lapses

Published 02/16/2018, 09:57 AM
© Reuters.  U.S. Bancorp fined $613M over AML lapses
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  • US Bancorp (NYSE:USB), was fined $613M for lapses in its anti-money-laundering controls on Thursday.
  • The Manhattan U.S. Attorney, Geoffrey Berman, said the bank’s operational cracks allowed a former customer - race-car driver Scott Tucker - to launder money from an illegal payday-lending scheme.
  • According to prosecutors US Bancorp failed to report that Tucker was using fake bank accounts on names of companies connected to Native American tribes he had no connection with. Tucker used money from these accounts for a vacation home in Aspen and his professional Ferrari (NYSE:RACE) racing team.
  • US Bancorp is the largest regional bank and has long reputation of sticking to traditional banking. It came out oftheglobal financial crisis untouched.
  • Previously: Banks lower after Q4 results (Jan. 17)
  • Now read: The MnM Portfolio - Checking In On Portfolio Fundamentals


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