Money Laundering Bulletin
U.S. Bank former risk officer fined US$450,000 for undercutting SARs filing
Michael LaFontaine, past Chief Operational Risk Officer at U.S. Bank, oversaw capping of alert numbers from its automated
transaction monitoring system, which led to under-reporting of suspicious transactions to law enforcement, says FinCEN, the
US AML supervisor. [1] He will pay a civil penalty of US$450,000.