Monthly op risk losses: AML failings cost banks $1.1bn

US Bank and Scott Tucker — US Bank expects bumper loss for AML breaches relating to convicted felon Scott Tucker (inset)

- By ORX News
- 08 Feb 2018

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January’s largest loss was a $608 million liability racked up by US Bank for a penalty it expects to pay as a result of an investigation into the bank’s anti-money laundering and Bank Secrecy Act compliance. The investigation by the US Attorney’s Office in Manhattan centres on the bank’s relationship with Scott Tucker, a businessman who ran a $1.2 billion predatory payday loan scheme and was convicted of racketeering on October 13, 2017.

US Bank reported the liability in a filing with the SEC

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