Bloomberg Law Analysis

ANALYSIS: FinCEN Penalizes Another Compliance Officer

March 18, 2020, 9:55 AM

The Financial Crimes Enforcement Network (FinCEN) on March 4 announced a $450,000 civil money penalty against the former chief risk officer of U.S. Bank National Association (U.S. Bank), which had been punished for Bank Secrecy Act (BSA) violations in 2018. The penalty continues an escalating line of enforcement actions by FinCEN and the federal financial regulators against individual officers of financial institutions for BSA violations occurring under their authority.

Risky Business for a CCO and CRO

Michael LaFontaine, the former Chief Operational Risk Officer of U.S. Bank, was the subject of the enforcement action. FinCEN’s assessment stated that LaFontaine had...

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