US Bank Takes $185 Million Hit for BSA/AML Deficiencies
At the tail end of a massive look-back project, U.S. Bank was rewarded with a $185 million fine for "systemic deficiencies in its transaction monitoring systems, which resulted in monitoring gaps and a significant amount of unreported suspicious activity." Instead of addressing apparent risks, U.S. Bank capped the number of alerts its automated transaction monitoring system would generate to identify only a predetermined number of transactions for further investigation, without regard for the legitimate alerts that would be lost due to the cap. [2/16/18]
