Ex-U.S. Bank Executive Fined For Anti-Money Laundering Lapses (1)

A former U.S. Bank executive vice president must pay $450,000 for failing to stop violations of anti-money laundering rules, the Treasury Department’s financial intelligence unit said.

Michael LaFontaine, who oversaw the bank’s anti-money laundering compliance department, was assessed the civil penalty Wednesday by the Financial Crimes Enforcement Network (FinCEN) for his role in U.S. Bank’s prior compliance breakdowns.

The Minneapolis-based bank was fined $185 million in 2018 for violations of the Bank Secrecy Act, which stemmed from a lackluster anti-money laundering program that allegedly allowed numerous risky currency transfers to go unreported. According to FinCEN, U.S. Bank didn’t dedicate enough ...