Two banks will pay more than half a billion dollars in civil penalties in enforcement actions over their Bank Secrecy Act and anti-money laundering compliance deficiencies.
The actions involving the Department of Justice, the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency bring closure to enforcements dating to 2013 for Rabobank National Association and to 2011 for U.S. Bank.
Read on for more about the penalties handed out, and how compliance systems at the banks failed to stop millions of dollars in money-laundering transactions.
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