US Bancorp, the US Bank’s parent company, is required to pay $ 613 million for failing to monitor suspicious transactions and other anti-money laundering (AML) activities.
For example, a customer named Scott Tucker used multiple accounts to launder the proceeds of a fraudulent payday loan.
The US government says the bank “deliberately” failed to report the matter quickly enough. Tucker was sentenced to 16 years in prison for his sins.
Some of the other previous …