January 13, 2016
A U.S. District Court in Minnesota ruled that compliance officers and other individuals can be held responsible for anti-money laundering control failures under the Banking Secrecy Act, dealing a setback to a former chief compliance officer who was hit with a $1 million fine by the Financial Crimes Enforcement Network.
The fine by FinCEN against former MoneyGram Chief Compliance Officer Thomas Haider made waves in 2014 as a rare case of a compliance team member being held responsible for control failures.