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  1. #1
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    Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

    In the late 1990s former MoneyGram International Inc executive Thomas Haider was a compliance leader pushing the money transfer industry to do more to fight financial crime, convincing his and other firms to voluntarily police transactions for illicit activity and report to authorities, a former official with the Treasury Department’s anti-money laundering bureau says.

  2. #2
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    Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

    A decade and a half later, six years after Haider left his post as MoneyGram’s compliance chief, Treasury’s Financial Crimes Enforcement Network (FinCEN) has threatened him with an unprecedented, multi-million dollar civil penalty. It has said he is personally liable for the money transfer giant’s failures to do what was required under the Bank Secrecy Act (BSA), the U.S. anti-money laundering (AML) law, to keep criminals out of the U.S. financial system during the mid-to-late 2000s, sources say.

  3. #3
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    Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

    Some compliance experts, including a former FinCEN official who worked with Haider in varying capacities for about 15 years, were stunned when Thomson Reuters months ago revealed FinCEN’s enforcement push. Peter Djinis, a former FinCEN policy official who now is in private practice, said earlier this week he decided to speak out publicly because he thought Haider’s past AML achievements should be weighed against accusations.

  4. #4
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    Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

    Thomson Reuters reported in April that FinCEN had notified Haider he may be penalized up to $5 million for his alleged role in MoneyGram’s failures to comply with the Bank Secrecy Act (BSA). The company in 2012 admitted the lapses — including failures to report to authorities that the company’s agents were involved in fraud schemes — as part of a deferred prosecution agreement (DPA) with the Justice Department.

  5. #5
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    Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

    Although Djinis is the only person who has defended Haider publicly, many compliance professionals are discussing the matter, and several said privately they are troubled by FinCEN’s push. Without knowing its purported facts, they worry Congressional pressure on regulators to hold financial services professionals accountable for compliance lapses may have caused Haider to take the fall for business executives whose profit-driven decisions permitted criminal abuses.

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