U.S. Bancorp announces resolution finalizing legacy BSA/AML matters
U.S. Bancorp, parent company of U.S. Bank, announced that it has resolved previously disclosed matters related to its Bank Secrecy Act and Anti-Money Laundering compliance programs with the U.S. Attorney's Office for the Southern District of New York, the Office of the Comptroller of the Currency, the Federal Reserve Board and the Financial Crimes Enforcement Network. Under the resolution, the company will pay a total of $613M, reflecting the penalties assessed by each agency. The company has fully reserved for this resolution and, accordingly, there is no further financial impact. "Today's resolution finalizes legacy matters involving our AML compliance program. We regret and have accepted responsibility for the past deficiencies in our AML program. Our culture of ethics and integrity demands that we do better. One of U.S. Bank's key priorities is to maintain an exceptional AML program and we are confident in the strength of the program we have in place today," said Andy Cecere, President and CEO, U.S. Bank.