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U.S. Bancorp Announces Resolution Finalizing Legacy BSA / AML Matters

February 15, 2018

Via: Yahoo

U.S. Bancorp (USB), parent company of U.S. Bank, announced today that it has resolved previously disclosed matters related to its Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs with the U.S. Attorney’s Office for the Southern District of New York, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and the Financial Crimes Enforcement Network (FinCEN).

Under the resolution, the Company will pay a total of $613 million, reflecting the penalties assessed by each agency. The company has fully reserved for this resolution and, accordingly, there is no further financial impact.

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