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  1. #1

    In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

    NEW YORK, May 20, 2014 (Thomson Reuters Accelus) – Although investigators with Treasury’s anti-money laundering unit tried to identify a senior business leader at MoneyGram International Inc who could be penalized over the money transfer giant’s admitted compliance failures, available evidence left them only one viable target – the firm’s former chief compliance officer, a former official with firsthand knowledge of the investigation said.

  2. #2

    In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

    The push by Treasury’s Financial Crimes Enforcement Network (FinCEN) to send a stern message to the financial services community by targeting one of its own with a large fine began roughly a year and a half ago due to pressure from Capitol Hill. FinCEN investigators eyed a number of current and former MoneyGram employees, but found that senior business leaders had not left an evidence trail to follow.

  3. #3

    In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

    However, investigators uncovered “strong” evidence suggesting that former compliance chief Thomas Haider played a key role in the anti-money laundering compliance lapses MoneyGram conceded in 2012 as part of a settlement with the Justice Department, the source said.
    The source, who is now in the private sector and asked not to be named, refused to describe the specific evidence against Haider, citing concern that doing so would violate federal law.

  4. #4

    In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

    The decision to seek out someone at MoneyGram who could be held responsible for the firm’s compliance failures was handed down by FinCEN director Jennifer Shasky Calvery shortly after she assumed her post in September 2012, two former officials who were with the bureau at the time said.
    An exclusive article published by Compliance Complete a month ago revealed FinCEN is pursuing Haider and plans to penalize him as much as $5 million for his role in the breakdown in the firm’s controls aimed at detecting, and ultimately reporting to the government, transactions linked to criminal activity.

  5. #5

    In bid to punish individual, FinCEN pursued MoneyGram business leaders, but caught compliance chief – source

    After Compliance Complete uncovered FinCEN’s pursuit of Haider, many in the compliance community questioned why a former compliance professional was targeted, why a multi-million dollar fine seemed appropriate to the Treasury bureau, and why it opted to punish someone linked to MoneyGram rather than a banker at HSBC or another institution. This article seeks to provide answers.
    Shasky chose MoneyGram, at least in part because unlike banks, money transfer businesses and their employees have no other federal regulator capable of penalizing them for non-compliance with anti-laundering rules, sources with firsthand knowledge said. Shasky has said publicly that her priorities as FinCEN director include bringing the money transfer industry into better compliance with anti-laundering rules.

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