U.S. Bank. Photo: 4kclips/Shutterstock.com
The consent order was especially critical of Michael LaFontaine repeatedly ignoring warnings by other compliance staff and by regulators that the bank's monitoring system was not adequate because it capped the number of alerts generated by suspicious transactions.
March 12, 2020 at 04:48 PM
1 minute read
senior reporter
The original version of this story was published on Corporate Counsel
Federal regulators are now often looking past CEOs and general counsel and taking aim at compliance officers personally.
In the latest incident, the Financial Crimes Enforcement Network on March 4 assessed a $450,000 civil penalty against Michael LaFontaine, former chief operational risk officer at U.S. Bank in the Minneapolis area. It is believed to be the first time the regulator has personally penalized a bank compliance officer for his role in anti-money laundering failures.
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