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Thursday, March 12, 2020
Volume:
36
Issue:
3
Abstract:
On February 26, 2020, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a fine of $450,000 against former compliance officer Michael LaFontaine, after he agreed that since he left employment with U.S. Bank in June 2014, he has not performed a compliance management function for any “financial institution.” LaFontaine also agreed that, if FinCEN files a complaint against him seeking injunctive relief he will consent to an order requiring him to comply with this undertaking.[1]