U.S. Bancorp Investments, Inc (USBI) has agreed to pay a fine of $500,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

When determining whether to file Suspicious Activity Reports (SARs), USBI incorrectly used a $25,000 monetary threshold applicable to banks rather than the $5,000 threshold applicable to broker-dealers and, as a result, did not timely file 42 SARs between April 2020 and August 2023.

USBI thus failed to establish and implement policies and procedures reasonably designed to detect and cause the reporting of suspicious transactions in violation of FINRA Rules 3310(a) and 2010.

On top of the $500,000 fine, the firm has agreed to a censure.

USBI has been a FINRA member since 1986. It conducts a general securities business. It currently has over 2,350 registered representatives in over 1,620 branch offices. USBI is headquartered in Saint Paul, Minnesota.