Former Compliance Officer Could Face $5M Fine For Failures On His Watch

A former compliance officer for MoneyGram International Inc. may face a fine of up to $5 million after the company admitted it did not properly screen transactions for illegal activity. In 2012 MoneyGram, the company, admitted to aiding wire fraud and failing to keep up an effective anti-laundering program, and agreed to take a $100 million hit. The Treasury Department’s Financial Crimes Enforcement Network sent MoneyGram’s compliance chief Thomas Haider notice of the potential penalty months ago, as part of the agency’s efforts to hold more people personally responsible for  lapses that have led to criminal abuse of the U.S. financial system. It’s reported that Haider will have a chance next month to meet with officials of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and make his case that he should not be fined.