The retail banking industry is undergoing another major shift, and the future looks high-tech, sophisticated, and, for big banks, very urban. So what has changed? Photo: Shaumbé Wright/The Wall Street JournalU.S. Bancorp was fined $613 million Thursday for what regulators and prosecutors said were shoddy anti-money-laundering controls, a rare regulatory setback for a bank that emerged from the financial crisis relatively unscathed. The U.S. attorney’s office in Manhattan also announced criminal charges against the bank that eventually could be dismissed. The Manhattan U.S. Attorney, Geoffrey Berman, said the bank’s poor controls had allowed a former customer, race-car driver Scott Tucker, to launder money from an illegal payday-lending...

Source: Wall Street Journal February 15, 2018 16:01 UTC