U.S. Bank has agreed to pay a total of $613 million in penalties to multiple federal authorities over its failures to properly monitor banking transactions for suspicious activity, federal prosecutors and regulators announced Thursday.

The bank agreed to a $528 million penalty to resolve two felony violations of the U.S. Bank Secrecy Act, as part of a deferred prosecution agreement with the U.S. Attorney's Office of the Southern District of New York announced Thursday.

According to federal prosecutors, the bank—the fifth largest in the country—willfully failed to institute an adequate anti-money laundering program while also failing to file a suspicious activity report. The bank accepted responsibility for its conduct, prosecutors said.