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US Bancorp to pay hundreds of millions for felonies

A bank headquartered in another state has been accused of violating  the Bank Secrecy Act. U.S. Bancorp was facing charges for two felonies that the government says was discovered in the course of a money laundering prosecution. A bank customers convicted of money laundering was sentenced to more than 16 years in prison. Like most banks in Florida and elsewhere, U.S. Bancorp used a system designed to alert officials of suspicious transactions.

Federal prosecutors said the bank not only failed in its duties by ignoring obvious suspicious banking activity, but also by trying to conceal the deficiencies from regulators. Apparently, the bank did not have a sufficient amount of employees on staff to handle the tasks at hand. This staff shortage reportedly caused certain transactions to be overlooked that should have raised concerns.

A deferred prosecution agreement provides that the bank will pay more than $600 million in penalties. U.S. Bancorp is one of the five largest banks in the nation. A bank spokesperson said the money has already been set aside to satisfy the deferred prosecution agreement.

Even when complicated situations appear less than favorable for a defendant, there is often much an experienced defense attorney can do to help achieve as positive an outcome as possible. Fighting against charges involving felonies is a job best left for the most experienced, aggressive defense attorneys available. Anyone in Florida facing financial fraud charges can reach out for support in the hope of avoiding conviction or achieving the best possible result under the circumstances.

Source: CNBC, "US Bank to pay more than $600 million over federal charges it had lax anti-money laundering controls", Liz Moyer, Feb. 15, 2018

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