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

Also: Japanese crypto exchange loses ¥58 billion in hack; Deutsche, UBS, HSBC settle spoofing claims. Data by ORX News

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

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,

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: