The former chief operational risk officer at U.S. Bank National Association has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program, the Treasury Department’s Financial Crimes Enforcement Network announced Wednesday.
According to the FinCEN order, Michael LaFontaine at various times had responsibility for overseeing U.S. Bank’s anti-money laundering (AML) compliance function. During his time with the bank, LaFontaine held roles of increasing responsibility, as chief compliance officer from 2005 through 2010, followed by senior vice president and deputy risk officer, and finally to executive vice president (EVP) and chief operational risk officer.
