Regulatory Alerts2018-02-15 | 2018-01Added
Assessment of Civil Money Penalty in the Matter of U.S. Bank National Association
FinCEN determined that U.S. Bank National Association willfully violated the Bank Secrecy Act from 2011 to 2015 by failing to maintain an adequate anti-money laundering program, report suspicious activity, and accurately report currency transactions. The Bank suppressed alerts through fixed caps, understaffed its compliance department, and allowed inaccurate currency transaction reports to persist, resulting in thousands of late or missing suspicious activity reports and materially inaccurate filings. This assessment establishes grounds to impose a civil money penalty against the bank for these specific regulatory failures.
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