The United States Thursday fined a former chief compliance officer for MoneyGram $1 million for his alleged role in compliance violations that led to the company's 2012 deferred prosecution agreement. In a written assessment of the fine, the U.S. Treasury Department's Financial Crimes Enforcement (FinCEN) said Thomas E. Haider knowingly ignored signs of a longstanding telemarketing scheme that tricked thousands of Americans into wiring millions of dollars to locations in Canada on the premises that they had won the lottery, secured loans or been hired as secret shoppers. Haider, a 16-year veteran at MoneyGram before leaving in 2008, resisted concerns...
MoneyGram's former chief compliance officer failed to overcome resistance by the firm's sales division against disciplining and terminating agents and outlets suspected of facilitating fraudulent transfers, according to a settlement filed in federal court Wednesday.
The U.S. Justice Department's use of deferred prosecution agreements has been effective though often misunderstood, according to Jonathan E. Lopez, a former deputy chief of the department's Money Laundering and Bank Integrity Unit who oversaw investigations into HSBC and MoneyGram.
This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
The U.S. Justice Department is investigating possible anti-money laundering compliance infractions related to how MoneyGram oversees agents working near Mexico's border, say current and former government sources.
A Brown Brothers Harriman employee "appears" to have helped a convicted Brazilian financier and his sister avoid anti-money laundering controls on accounts worth hundreds of millions of dollars, according to a federal investigator.