
USB lacked adequate risk management and compliance policies and procedures to ensure that activities conducted at U.S. Bank N.A. and the Agreement Corporation complied with applicable BSA/AML Requirements and OFAC Regulations and were timely reported in response to inquiries by the Federal Reserve Bank of Minneapolis (“Reserve Bank”); For more info visit https://www.federalreserve.gov/newsevents/pressreleases/files/enf20180215a1.pdf