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.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...