US Bancorp has reached an agreement to pay $613m to resolve allegations that the bank had poor anti-money laundering controls from 2009 to 2014.

Under the resolution, the bank will pay $453m to the US Treasury through the Southern District of New York; $70m to the Financial Crimes Enforcement Network; $15m to the Federal Reserve; and $75m to the Office of the Comptroller of the Currency.

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It was alleged that the bank failed to track multiple suspicious transactions and also concealed its irregularities from the regulators.

The Minneapolis-based bank also agreed to implement an improved AML programme.

The terms of the settlement includes that the Justice Department will dismiss the charges against the bank in two years if the latter fulfils all the terms of the agreement.

US Bank president and CEO Andy Cecere said: “Today’s resolution finalises legacy matters involving our AML compliance programme.

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“We regret and have accepted responsibility for the past deficiencies in our AML programme. Our culture of ethics and integrity demands that we do better.

“One of US Bank’s key priorities is to maintain an exceptional AML programme and we are confident in the strength of the program we have in place today.”