A federal district court this month upheld a $1 million fine imposed against the former chief compliance officer for MoneyGram International, finding that individual officers, including chief compliance officers, of financial institutions may be held responsible for ensuring compliance with the anti-money laundering provisions of the Bank Secrecy Act.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...