U.S. Bancorp (USB) - Get Report , the Minneapolis-based bank, agreed to pay $613 million to federal authorities and regulators to resolve violations related to the Bank Secrecy Act and anti-money-laundering rules.

The company disclosed the agreement with the Justice Department, Office of the Comptroller of the Currency, Federal Reserve and Financial Crimes Enforcement Network in a statement Thursday. The bank had already set aside money to cover the payments, so there will be no incremental effect on its profits, according to the statement.

The Office of the Comptroller of the Currency, or OCC, which supervises federally chartered banks, said in a separate statement that the deficiencies were the subject of a 2015 order against U.S. Bancorp's U.S. Bank NA.

In that order, the bank was cited for failing to adopt and implement a compliance program that adequately covered the required Bank Secrecy Act and anti-money-laundering programs because of an "inadequate system of internal controls, ineffective independent testing and inadequate training," according to the OCC's statement. 

"The bank had systemic deficiencies in its transaction monitoring systems, which resulted in monitoring gaps and a significant amount of unreported suspicious activity," the OCC said. 

U.S. Bancorp CEO Andy Cecere, who serves under longtime Chairman Richard Davis, said in the bank's own statement that the company has improved its anti-money-laundering controls, processes and staff. 

"We regret and have accepted responsibility for the past deficiencies," Cecere said. "We are confident in the strength of the program we have in place today." 

U.S. Bancorp shares were little changed in early trading in New York Thursday, at about $55.30.