Federal investigations of bank employees suspected of enabling violations of U.S. rules against illicit finance are on the rise, with several compliance officers at a number of institutions currently the targets of civil or criminal inquiries, say sources. Federal attempts to assign individual liability against bankers, which was confirmed to ACAMS moneylaundering.com by three industry attorneys, follows the issuance of new prosecutorial guidelines by the Justice Department, the Treasury Department's emphasis on enforcement and investigators' growing familiarity with the Bank Secrecy Act. "It's fair to say that there is a noticeable uptick in the attention on individuals generally, and BSA...
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 on Monday formally revised prosecutorial guidance to clarify that companies facing criminal investigations must turn over data on individual employees to receive credit for cooperation.
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.