American lender US Bancorp has agreed to pay $613 million to US authorities for violations of money laundering controls, including an attempted cover-up, federal prosecutors announced Thursday. The parent company of US Bank, the fifth-largest lender in the United States, also admitted the bank processed billions of dollars in questionable transactions for disgraced payday lender and former race car driver Scott Tucker, who was sentenced to 16 years in prison in January.
"We regret and have accepted responsibility for the past deficiencies in our (anti-money laundering) program," US Bank CEO Andy Cecere said in a statement.
Federal prosecutors said US Bank deliberately capped the number of suspicious transaction alerts generated by its internal monitoring system from 2009 to 2014, and then hid this from the Treasury Department.
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