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

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