UPDATE 1-U.S. hits former U.S. Bancorp exec with $450,000 penalty for money-laundering violations [Reuters]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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Source: Reuters
U.S. hits former U.S. Bancorp exec with $450,000 penalty for money-laundering violations WASHINGTON (Reuters) - The U.S. government on Wednesday said it has hit a former risk officer at a subsidiary of U.S. Bancorp with a $450,000 civil penalty for his role in failing to prevent violations of the U.S. anti-money laundering law. Michael LaFontaine, the former chief operational risk officer at U.S. Bank NA, admitted he failed to take steps to implement and maintain an effective compliance program to prevent money laundering, the Financial Crimes Enforcement Network (FinCEN) said on Wednesday. U.S. Bancorp in 2018 agreed to a $613 million settlement with the U.S. Department of Justice over related charges. At the time, prosecutors said the lender failed to detect large numbers of suspicions transactions and concealed missteps from regulators. La Fontaine admitted responsibility in failing to make sure the bank was properly staffed to meet regulations, according to a filing from FinCEN, a
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USB
Earnings
- 4/17/24 - Miss
USB
Sec Filings
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- USB's page on the SEC website