Deferred Prosecution Agreement U.s. Bancorp

Berman also announced an agreement (“the Agreement”) in which USB agreed to take responsibility for its conduct by defining the accuracy of a full statement of facts, paying a $528 million fine, and pursuing reforms to its BSA/AML compliance program. Assuming USB continues to abide by the agreement, the government has agreed to postpone the prosecution for a period of two years, after which the government will attempt to dismiss the charge. The agreement is still under review by the Court of Justice. The fine is recovered by the bank`s $453 million fall in a civil forfeiture action also filed today in the United States, with the remaining $75 million being satisfied by the bank`s payment of a civil fine assessed by the Currency Accounting Office (OCC). This resolution marks the second major BSA/AML resolution this month (the other is Rabobank N.A.`s guilty plea and the $369 million fine announced on February 7, 2018). . . .