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US Bancorp Fined $613m for Money-Laundering Violations

(New York Times) U.S. Bancorp, based in Minneapolis, has long had a reputation for being one of the best-run large regional banks in the country. But because the bank’s anti-money laundering controls were inadequate, it failed to spot and investigate a large number of suspicious transactions, federal prosecutors for the Southern District of New York said on last week.

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