Execs only care about bonuses. Already fined millions for cutting staff to handle AML, now they are doing the same thing.
The Treasury Department’s financial crimes division fined a former risk officer at a regional bank in Minneapolis for failing to prevent corporate violations of anti-money laundering laws.
Michael LaFontaine, a former chief operational risk officer at U.S. Bank NA, was fined $450,000 on Wednesday for what the Financial Crimes Enforcement Network described as a failure to prevent violations of the Bank Secrecy Act.
U.S. Bank in February 2018 was fined $613 million for what federal prosecutors and regulators, including FinCEN, described as weak anti-money laundering controls. The bank’s parent company, U.S. Bancorp, also entered into a two-year deferred prosecution agreement with federal prosecutors at the time.
https://www.acfcs.org/fincen-issues-rare-penalty-nearly-half-a-million-dollars-against-top-risk-officer-for-longstanding-aml-failures-alert-caps