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
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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