Rabobank NA has pleaded guilty to conspiracy to defraud the U.S. by actively concealing deficiencies in its anti-money laundering program.
Those deficiencies "allowed hundreds of millions of dollars in untraceable cash" to be deposited and moved without the requisite notifications to federal authorities, despite previous sanctions "for nearly identical failures," the U.S. Justice Department said in a press release.
Rabobank will forfeit $368.7 million to resolve the matter. It will also pay the Office of the Comptroller of the Currency a $50 million civil money penalty, which will be credited to the Justice Department's fine. Rabobank had admitted to obstructing the OCC's examinations, but the regulator said the bank has implemented corrective actions pursuant to a 2013 cease-and-desist order over its Bank Secrecy Act and anti-money laundering compliance issues.
The cease-and-desist order was also lifted.
The California-based bank is a subsidiary of Dutch lender Rabobank.
